Direct investment positions for 2010: country and industry detail.

Barefoot, Kevin B. ; Ibarra-Caton, Marilyn

IN 2010, the U.S. direct investment abroad historical-cost position grew $361.2 billion to $3,908.2 billion (table A and chart 1). The 10 percent growth rate was roughly the same as in 2009. Concurrently, foreign direct investment in the United States historical-cost position grew $228.3 billion to $2,342.8 billion. The 11 percent growth rate in 2010 marked a significant jump from 2009, when the position grew 3 percent.

The growth rate in the U.S. direct investment abroad--or "outward"--position was the same as in 2009 despite an increase in reinvested earnings and equity investment because of an increase in U.S. parents' indebtedness to their foreign affiliates. (1) The pickup in growth in the foreign direct investment in the United States--or "inward"--position reflected a sharp increase in reinvested earnings. (2)

This article presents details on the direct investment positions valued at historical cost by type of financial flow. It also presents details for outward investment cross-classified by country of foreign affiliate and by primary industry of the affiliate and for inward investment cross-classified by country of foreign parent and by primary industry of the U.S. affiliate. (3) Revisions to previously released statistics are also discussed.

[GRAPHIC 1 OMITTED]

The statistics presented in this article are on a historical cost basis because that is the only basis for which detailed statistics by country and industry are available (see the box "Alternative Measures of the Direct Investment Positions"). On a historical cost basis, positions generally reflect prices at the time of the investment rather than the prices of the current period. This valuation is derived principally from the accounting records of affiliates which are maintained according to U.S. Generally Accepted Accounting Principles (U.S. GAAP). Under U.S. GAAP, most assets and liabilities are valued at historical cost, but the accounting standards are changing. Thus far, BEA believes the impact of these changes on the position statistics has been immaterial. See the box "Accounting Standards and the Direct Investment Positions."

Highlights of U.S. direct investment abroad include the following:

* The 10 percent growth of the U.S. direct investment abroad historical-cost position remains in line with recent history. The average annual growth rate in 1999-2009 was 11 percent.

* The largest contributor to the increase in the position in 2010 was reinvested earnings, which were up 38 percent after increasing 2 percent in 2009. In 2010, the strong growth in reinvested earnings resulted from sharply higher foreign affiliate earnings and slightly reduced distributed earnings.

Earnings grew 23 percent in 2010 after decreasing 15 percent in 2009. The pickup reflected improved global economic growth after a sharp slowdown in 2008 and a contraction in 2009.

* Equity investment also contributed to the increase in the outward position. Equity increases grew 33 percent in 2010, reflecting a reversal of the decline in acquisitions and establishments of new foreign affiliates by U.S. direct investors that began in 2008.

The increase in 2010 coincided with a 23 percent increase in global merger and acquisition activity, the strongest year for this activity since 2008. (4)

Highlights of foreign direct investment in the United States include the following:

* The 11 percent growth of the inward direct investment position in 2010 remains in line with recent history. Despite the 3 percent growth in 2009, annual growth has averaged 10 percent in 1999-2009.

* Reinvested earnings contributed to the increase in the position, rising sharply from $7.8 billion in 2009 to $85.7 billion in 2010, which marked the highest recorded level of reinvested earnings. The 2010 increase reflected sharp increases in both earnings and in the share of earnings reinvested.

* Equity investment was the largest component of the increase in the inward position in 2010, as it has been in most years, but these investments were the lowest since 2005.

U.S. Direct Investment Abroad

The U.S. direct investment abroad position--S3,908.2 billion in 2010--is the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates. This section discusses the position and the annual change in the position by component, by industry as well as by area and country. Five host countries-the Netherlands, the United Kingdom, Canada, Luxembourg, and Bermuda--accounted for nearly half of the position at the end of 2010 (table 1.2 and chart 2).

For the third consecutive year, the position in the Netherlands was the largest--at $521.4 billion, or 13 percent of the total. Most of the position increase and 73 percent of the position in the Netherlands was accounted for by holding companies, which likely invested the funds in other countries or industries; see the box "Indirect Ownership in the Statistics on U.S. Direct Investment Abroad." The position in the United Kingdom was $508.4 billion (13 percent), and the position in Canada was $296.7 billion (8 percent). The positions in Luxembourg and in Bermuda each accounted for 7 percent of the total, with positions of $275.0 billion and $264.4 billion, respectively.

The steady pace of growth in 2010--the position rose 10 percent in 2010 and 2009--reflected sharply higher reinvested earnings and increased equity investments that were partly offset by a shift to inflows in intercompany debt.

Changes by component

The $361.2 billion increase in the outward direct investment position resulted from financial outflows of $328.9 billion and valuation adjustments of $32.3 billion (table B and chart 3).

[GRAPHIC 3 OMITTED]

Financial flows

Financial outflows for U.S. direct investment abroad were $328.9 billion in 2010, up from $282.7 billion in 2009. Financial flows in 2010 consisted of reinvested earnings of $298.1 billion and net equity investment of $47.7 billion that were partly offset by a $16.9 billion reduction in U.S. parents' net intercompany debt claims on their foreign affiliates.

Equity investment. U.S. parents' net equity investment in their foreign affiliates was $47.7 billion in 2010, up from $24.5 billion in 2009. Net equity investment resulted from equity increases of $104.1 billion that were partly offset by equity decreases of $56.4 billion. Equity increases grew 33 percent in 2010, because of a reversal of the dropoff in acquisitions and establishments of new foreign affiliates by U.S. direct investors that began in 2008. Capital contributions to existing foreign affiliates were down $11.5 billion, or 19 percent. Equity decreases, which reduce the outward position, were up 4 percent from 2009, resulting from a step-up in liquidations or sales of affiliates.

By industry, equity increases for the acquisition or establishment of affiliates were largest in holding companies and manufacturing, which together accounted for 68 percent of these increases. In holding companies, the increase was concentrated in the United Kingdom and mainly reflected acquisitions by holding companies owned by U.S. parents in manufacturing (especially food manufacturing). Within manufacturing, equity investment was largest in chemicals and mainly reflected acquisitions; equity investments were largest in Belgium.

Equity decreases were largest in "Latin America and Other Western Hemisphere" (particularly the United Kingdom Islands, Caribbean; Bermuda; and Mexico) and Europe (particularly Russia and the Netherlands). By industry, equity decreases were largest in "finance (except banks) and insurance," followed by mining and holding companies. (5)

Reinvested earnings. Reinvested earnings--the difference between U.S. parent companies' shares in their foreign affiliates' total earnings and the distributions to the parents from the affiliates' current and cumulative retained earnings--increased 38 percent to $298.1 billion. Reinvested earnings accounted for 91 percent of the financial flows and for more than four-fifths of the increase in the outward position.

Reinvested earnings were positive in all industries, but they were by far the largest for affiliates in holding companies and to a lesser extent, in manufacturing (particularly "other" manufacturing and chemicals). In "other" manufacturing, the increase was largest in medical equipment and supplies manufacturing and glass manufacturing. By region, reinvested earnings were largest in Europe and "Latin America and Other Western Hemisphere," together accounting for nearly three-fourths of the worldwide total. Within Europe, increases were largest in the Netherlands, Ireland, and Luxembourg, and within "Latin America and Other Western Hemisphere," increases were largest in Bermuda and the United Kingdom Islands, Caribbean.

The strong growth in reinvested earnings resulted from sharply higher foreign affiliate earnings and slightly reduced distributed earnings. Foreign affiliate earnings increased 23 percent from $328.0 billion to $403.6 billion. The reinvestment ratio--the share of current-year earnings that were reinvested--rose from 66 percent in 2009 to 74 percent in 2010.

The pickup in earnings reflected improved global economic growth after a sharp slowdown in 2008 and a contraction in 2009. By region, the largest dollar increases in earnings were in Europe (widespread across countries) and Asia and Pacific (primarily in Singapore, Australia, and China). By major industry, nearly three-fourths of the increase was in holding companies and manufacturing. In manufacturing, the increase was broadly spread over subindustries, with the largest increase attributable to a shift to profits in transportation equipment. Earnings rose in all major industries except "finance (except banks) and insurance."

Intercompany debt investment. In 2010, U.S. parents increased their indebtedness to their foreign affiliates more than foreign affiliates increased their indebtedness to their U.S. parents. As a result, net intercompany debt inflows from foreign affiliates (which reduce the outward position) of $16.9 billion were recorded in 2010. In comparison, net outflows of $41.4 billion were recorded in 2009. By region, inflows from Europe and "Latin America and Other Western Hemisphere" more than accounted for the inflows in 2010.

In Europe, the inflows were more than accounted for by Switzerland. In "Latin America and Other Western Hemisphere" the inflows were more than accounted for by Bermuda, Argentina, and Mexico. By industry, "finance (except banks) and insurance" accounted for most of the decrease in the total debt position.

Valuation adjustments

In 2010, valuation adjustments, at $32.3 billion, were virtually unchanged from those in 2009. Valuation adjustments in 2010 consisted of "other" valuation adjustments of $23.7 billion and currency-translation adjustments of $8.6 billion. "Other" valuation adjustments largely reflected capital gains. The small currency-translation adjustments were the net result of the dollar's strengthening against the euro and most European currencies and its weakening against most Asian and Latin American currencies.

Changes by area and by country In 2010, the outward direct investment position increased in each of the major areas (table C). The largest dollar increases were for U.S. parents with foreign affiliates in Europe, accounting for 50 percent of the overall total increase in the outward direct investment position. Outside of Europe, the increase in Asia and Pacific was also substantial, accounting for 26 percent of the overall total increase.

Europe. The direct investment position increased $180.0 billion. The largest component of the increase was reinvested earnings, which accounted for nearly four-fifths of the increase. Reinvested earnings were particularly large in holding companies and to a lesser extent in manufacturing, especially chemicals. Four countries--Luxembourg, the United Kingdom, the Netherlands, and Ireland--accounted for the largest dollar increases in position. By industry, the largest increase in the position stemmed from holding companies, whose holdings include machinery manufacturing affiliates in Europe, wholesale affiliates in "Latin America and Other Western Hemisphere," and food manufacturing affiliates in Europe and Asia.

In Luxembourg, holding companies accounted for over four-fifths of the increase, mostly attributable to valuation adjustments and reinvested earnings. In the United Kingdom, the increase was concentrated in holding companies and "finance (except banks) and insurance." In holding companies, the increase was mainly due to acquisitions. In "finance (except banks) and insurance," the increase largely reflected valuation adjustments and reinvested earnings. In the Netherlands, the increase was largely accounted for by holding companies owned by U.S. parents with chemicals manufacturing, pharmaceutical, and information affiliates and was mainly due to reinvested earnings. In Ireland, much of the increase was in holding companies and information and was entirely due to reinvested earnings in both industries.

The position decreased in Russia, Sweden, Switzerland, and Germany. In Russia, the position decreased by half, and the decrease was more than accounted for by a decrease in mining, which reflected valuation adjustments and equity decreases due to both liquidations and selloffs of affiliates. In Sweden, the decrease was more than accounted for by holding companies and "finance (except banks) and insurance' In Switzerland, the decrease was more than accounted for by holding companies and wholesale trade. In Germany, nearly four-fifths of the decrease was in holding companies.

Asia and Pacific. The position increased $92.6 billion in 2010. The largest increases were in Australia, Japan, and Singapore. In Australia, over half of the increase was in holding companies; the largest contributor to the increase was intercompany debt investment. In Japan, the largest increase was in "finance (except banks) and insurance;' and it reflected valuation adjustments and reinvested earnings. In Singapore, the increase was largely attributable to holding companies and manufacturing (particularly computers and electronic products), and it was largely due to reinvested earnings and valuation adjustments.

Within this region, the largest percent increase in the position was in Thailand and India--both at 30 percent. In Thailand, the increase was concentrated in manufacturing (particularly computers and electronic products). In India, the increase was attributable to increases in wholesale trade and in professional, scientific, and technical services.

Latin America and Other Western Hemisphere. The outward position rose $48.2 billion; the increase was more than accounted for by reinvested earnings. Brazil, Bermuda, and the United Kingdom Islands, Caribbean had the largest dollar increases. In Brazil, the increase was largest in manufacturing (particularly "other" manufacturing) and holding companies. In "other" manufacturing, the increase was largest in "other miscellaneous manufacturing,' and integrated petroleum refining and extraction. In Bermuda, "finance (except banks) and insurance" accounted for more than half of the increase. In the United Kingdom Islands, Caribbean, the increase was more than accounted for by holding companies, whose holdings include wholesale trade and food manufacturing affiliates in Europe and "Latin America and Other Western Hemisphere." By industry, increases in the position were broadly based; the largest increase was in holding companies, followed by smaller increases in mining, manufacturing (particularly "other" manufacturing and transportation equipment), "finance (except banks) and insurance," and wholesale trade.

Canada. In 2010, the position increased $30.1 billion, with the largest increases in holding companies and "other industries." In "other industries," the largest increases were in "other rental and leasing services" and food services and drinking places.

Africa. The position increased $9.9 billion. The increase, though relatively small in dollar terms, represented the largest percentage increase (23 percent) of the major regions. Within Africa, the countries with the largest dollar increases were Mauritius and Egypt. In Mauritius, the increase was largest in "finance (except banks) and insurance." In Egypt, the increase was concentrated in mining.

Middle East. The position increased $0.3 billion. The increase was the smallest percentage increase (2 percent) of any region. In this region, an increase in Israel more than accounted for the dollar increase. By industry, the dollar increase in manufacturing (particularly chemicals and "other" manufacturing) more than accounted for the increase. In "other" manufacturing, the increase was largest in integrated petroleum refining and extraction.

Foreign Direct Investment in the United States

The foreign direct investment position--S2,342.8 billion in 2010--is the book value of foreign direct investors' equity in, and outstanding loans to, their U.S. affiliates. This section discusses the position and the annual change in the position by component, by industry as well as by area and country. Five countries accounted for roughly 56 percent of the total inward position (table 2.2 and chart 4).

The United Kingdom remained the largest investing country, with a position of $432.5 billion, or 18 percent of the total. Japan was second at $257.3 billion, or 11 percent of the total. The Netherlands, Germany, and Canada had the next largest positions at $217.1 billion, $212.9 billion, and $206.1 billion, respectively, and each accounted for 9 percent of the total. (For an alternative classification of the inward position by country, see the box "Indirect Ownership in the Statistics on Foreign Direct Investment in the United States.")

The stronger growth in the position in 2010--11 percent, compared with 3 percent in 2009--reflected a sharp rise in reinvested earnings and a much smaller increase in net intercompany debt inflows. In contrast, net equity investment, which was still the largest component, was down from that in 2009.

Changes by component

The $228.3 billion increase in the inward direct investment position resulted almost entirely from financial inflows of $228.2 billion. Valuation adjustments were just $0.1 billion (table D and chart 5).

Financial flows

Direct investment financial flows were $228.2 billion in 2010, up from $152.9 billion in 2009. Financial flows in 2010 consisted of $114.7 billion in net equity investment, $85.7 billion in reinvested earnings, and $27.8 billion in net intercompany debt investment inflows.

Equity investment. In 2010, foreign parents' net equity investment in their U.S. affiliates was $114.7 billion, down from $134.3 billion in 2009. Net equity investment was the largest component of the position increase in 2010; however, net equity investment was the lowest since 2005, when it was $70.7 billion. In 2010, net equity investment resulted from equity increases of $141.4 billion that were partly offset by equity decreases of $26.7 billion.

Equity investment from all major regions except Europe and Africa declined. The largest decreases by major region were "Latin America and Other Western Hemisphere" and Canada. The largest decrease in equity investment was for parents in the United Kingdom Islands, Caribbean that partly reflected a fall-off in acquisitions from 2009 and a dropoff in capital contributions from 2009.

[GRAPHIC 5 OMITTED]

In 2010, equity increases were down 17 percent, reflecting a dropoff from 2009 when they had been boosted by a few large acquisitions. In addition, capital contributions decreased. The dropoffs in acquisitions and capital contributions were concentrated in banks, primarily those owned by European parents, and in manufacturing. The dropoff in manufacturing was mostly in transportation equipment manufacturing, which had been boosted by acquisitions in 2009.

In 2010, equity increases were largest in "finance (except banks) and insurance," manufacturing, and "other industries." Within manufacturing, equity increases were largest in chemicals manufacturing and "other" manufacturing, led by "medical equipment and supplies" manufacturing. Equity increases in "finance (except banks) and insurance" primarily reflected capital contributions, while equity increases in manufacturing and "other industries" (notably mining) primarily reflected acquisitions. By country, the largest equity increases were in the Netherlands, Luxembourg, and the United Kingdom.

In 2010, equity decreases, which reduce the inward position, were down 27 percent, as the number of returns of capital and large selloffs of U.S. affiliates continued to decline. By country, equity decreases were largest in the United Kingdom. By industry, equity decreases were largest in "finance (except banks) and insurance."

Reinvested earnings. Reinvested earnings--the foreign parents' share of U.S. affiliates' current-period earnings less distributions to the parents from affiliates' current and cumulative retained earnings--added $85.7 billion to the inward direct investment position in 2010. Reinvested earnings were largest for affiliates in manufacturing, wholesale trade, "other industries" (primarily holding companies), and "finance (except banks) and insurance" which together accounted for 90 percent of total reinvested earnings. Reinvested earnings in chemicals manufacturing accounted for 68 percent of the manufacturing total and over a fifth of total reinvested earnings. By country, reinvested earnings were largest for affiliates with parents in the United Kingdom, Japan, Germany, France, and Canada.

Reinvested earnings increased elevenfold in 2010, more than rebounding from a 78 percent decline in 2009 and representing the highest recorded level. By industry, wholesale trade, manufacturing, and "other industries" together accounted for 82 percent of the increase in reinvested earnings. A shift to positive reinvested earnings took place in wholesale trade, and reinvested earnings increased in manufacturing and "other industries," led by holding companies and mining. For manufacturing, the increase was widespread across all manufacturing subindustries except "other" manufacturing.

The increase in reinvested earnings reflected both increased earnings and a higher reinvestment ratio--the ratio of reinvested earnings to total earnings. The reinvestment ratio increased from 12 percent in 2009 to 72 percent in 2010, as earnings sharply increased, while distributions to foreign parents decreased. In 2010, U.S. affiliates' earnings increased 86 percent, to $119.7 billion after decreasing 36 percent in 2009. The 2010 earnings increase coincided with a 30 percent increase in U.S. corporate profits. (6)

In 2010, U.S. affiliates' earnings were up in all industries except real estate and rental and leasing, which shifted to losses. Earnings increased sharply in manufacturing and wholesale trade, followed closely by an increase in "other industries." Within manufacturing, earnings increased across all subindustries and were led by a shift to profits in transportation equipment manufacturing.

Intercompany debt investment. Borrowing transactions between U.S. affiliates and their foreign parent groups increased the direct investment position by $27.8 billion in 2010, following a $10.8 billion increase in 2009. Net debt investment in 2010 resulted from a $29.1 billion increase in U.S. affiliates' debt obligations to their foreign parents or other members of the foreign parent group that was slightly offset by a $1.3 billion increase in affiliates' debt claims on foreign parent group members.

By industry, the increase in the intercompany debt position was led by manufacturing. Within manufacturing, the increase was led by "other" manufacturing (primarily beverage manufacturing), followed closely by both food manufacturing and chemicals manufacturing.

By major region, the increase in the intercompany debt position was concentrated in Europe. By country, Switzerland accounted for much of the increase, followed by Ireland.

Valuation adjustments

Valuation adjustments had little effect on the inward position, increasing the position less than $0.1 billion in 2010 after decreasing it $85.1 billion in 2009. Valuation adjustments consist of "other" valuation adjustments and currency-translation adjustments, both of which increased very little in 2010. "Other" valuation adjustments, which include capital gains and losses, shifted to a positive $45 million in 2010 from a negative $89.2 billion in 2009. The shift likely reflected a reduction in turbulence in financial markets that led to widespread write-downs of financial assets in 2009. Currency-translation adjustments were $35 million in 2010, down from $4.1 billion in 2009.

Changes by area and by country

Foreign direct investors from Europe accounted for the majority of the increase in the inward direct investment position, accounting for 79 percent of the total increase. The next largest increase in the position was from Asia and Pacific, which accounted for 14 percent of the overall increase.

Europe. The position increased $180.9 billion in 2010, a sharp rise over a position increase of $38.4 billion in 2009 (table E). The largest component of the 2010 European increase was equity investment, followed by reinvested earnings. Increases in the position for Europe were broadly based by country and industry. By country, Switzerland, Luxembourg, France,

Germany, the Netherlands, and the United Kingdom accounted for the largest dollar increases and for 93 percent of the overall increase in the position. By industry, the largest increases to the European position were in manufacturing (primarily split between chemicals manufacturing and "other" manufacturing, led by beverage manufacturing), in "finance (except banks) and insurance," and in "professional, scientific, and technical services."

Switzerland had the largest increase, $51.5 billion. Half of the increase was accounted for by manufacturing and reflected intercompany debt inflows in chemicals manufacturing and "other" manufacturing, particularly petroleum-related manufacturing, and acquisitions in "medical equipment supplies" manufacturing. The other half of the increase partly reflected capital contributions in "finance (except banks) and insurance" and intercompany debt inflows in "other industries," notably mining.

For Luxembourg, the $34.6 billion increase was mostly accounted for by increases in capital contributions, and by smaller sales of affiliates in "finance (except banks) and insurance," and by smaller acquisitions in "other" manufacturing (including "medical equipment and supplies" manufacturing).

For France, the $26.8 billion increase was partly due to an increase in manufacturing, concentrated in chemicals manufacturing; by component, the increase was led by reinvested earnings.

For Germany, the $21.5 billion increase was broadly based by industry, with over half of the increase in manufacturing (mostly in transportation equipment manufacturing and chemicals manufacturing). By component, the increase was split between reinvested earnings and equity investments, partly reflecting acquisitions in manufacturing, information, and other industries (particularly "food services and drinking places").

For the Netherlands, the $17.1 billion increase was led by "professional, scientific, and technical services;' followed by wholesale trade. By component, the increase was due to equity investment, partly reflecting acquisitions in mining.

For the United Kingdom, the $16.3 billion increase was led by "finance (except banks) and insurance," which was boosted by capital contributions. By component, the increase was led by reinvested earnings, primarily in wholesale trade, and equity investments.

Asia and Pacific. The position increased $32.5 billion and was largely attributable to parents in Japan and Australia. For Japan, the $18.0 billion increase in the position was spread among all industries except "finance (except banks) and insurance." The largest increases were for manufacturing and wholesale trade, which were boosted by several acquisitions. By component, the position increase was marked by a shift to positive reinvested earnings. For Australia, the $8.3 billion increase in the position was primarily located in "other industries," particularly in holding companies and mining, and was also marked by a shift to positive reinvested earnings.

Latin America and Other Western Hemisphere. The position increased $11.8 billion. Within "Latin America and Other Western Hemisphere," the increase was marked by a shift to intercompany debt inflows and a shift to positive valuation adjustments. The United Kingdom Islands, Caribbean accounted for almost half of the change, increasing $6.0 billion, and was concentrated in "other industries" particularly mining, and "finance (except banks) and insurance." Bermuda increased $3.0 billion and was led by "finance (except banks) and insurance."

Canada. The position increased $3.8 billion as a result of an increase in reinvested earnings. By industry, the increase in the position was due to an increase in "finance (except banks) and insurance."

Africa and the Middle East. The position for Africa increased $0.8 billion, primarily in "other industries" (mostly mining). In contrast, the position for the Middle East decreased $1.5 billion. The decrease was almost entirely accounted for by "other industries," especially holding companies.

Revisions

The statistics on direct investment positions for 2010 presented in this article are preliminary. The revised statistics on the outward position and related financial flows for 2008 and 2009 and the inward position and related financial flows for 2007-2009 incorporate new survey data collected in (1) BEAs quarterly surveys of transactions between parents and their affiliates and (2) in annual and benchmark surveys of multinational companies' financial and operating data. (7)

The historical-cost outward direct investment position for 2008 was revised up $12.8 billion to $3,232.5 billion. The upward revision was attributable to a $35.0 billion upward revision to valuation adjustments and a $22.2 billion downward revision to financial outflows. The outward position for 2009 was revised up $38.9 billion to $3,547.0 billion. The revision was the result of the $12.8 billion upward revision to the 2008 position, a $34.6 billion upward revision to 2009 financial outflows, and an $8.5 billion downward revision to the 2009 valuation adjustments.

The historical-cost inward direct investment position for 2007 was revised down $62.0 billion to $1,993.2 billion. The revision resulted from downward revisions of $50.0 billion to financial inflows and of $12.0 billion to valuation adjustments. The inward position for 2008 was revised down $119.1 billion to $2,046.7. The revision was the result of the $62.0 billion downward revision to the 2007 position, and downward revisions of $38.9 billion to valuation adjustments and of $18.2 billion to financial inflows. The inward position for 2009 was revised down $205.1 billion to $2,114.5 billion. The revision was the result of the $119.1 billion downward revision to the 2008 position, a $109.0 billion downward revision to valuation adjustments, and a $23.0 billion upward revision to financial inflows.

Tables 1.1 through 2.2follow.

For more information on these products and how to access them, see the guide to BEA information on direct investment at www.bea.gov/scb/account_articles/international/iidguide.htm.

Acknowledgments

The statistics on the U.S. direct investment position abroad are based largely on data from BEA's quarterly survey of transactions between U.S. parent companies and their foreign affiliates. The survey was conducted under the supervision of Mark W. New, who was assisted by Iris Branscome, David L. Grayton, Marie K. Laddomada, Daniel W. Leathers, Sherry Lee, Louis C. Luu, Leila C. Morrison, Elizabeth A. Ocalan, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Marie Colosimo and Kevin R. Smith.

The statistics on the foreign direct investment position in the United States are based largely on data from BEA's quarterly survey of transactions between U.S. affiliates of foreign companies and their foreign parents. The survey was conducted under the supervision of Gregory G. Fouch, who was assisted by Eric A. Bryda, Peter J. Fox, Barbara C. Huang, Edward J. Kozerka, Susan M. LaPorte, Robert L. Rosholt, and Helen E Yiu. Computer programming for data estimation and tabulation was provided by Karen E. Poffel and Paula D. Brown.

Alternative Measures of the Direct Investment Positions

The detailed statistics on the positions of U.S. direct investment abroad and of foreign direct investment in the United States by country and industry are prepared only on a historical-cost basis, so they largely reflect the price levels of earlier periods. The statistics are also prepared on current-cost and market-value bases but only at an aggregate level, not by country or industry. The current-cost statistics value the U.S. and foreign parents' shares of their affiliates' investment in plant and equipment using the current cost of capital equipment; in land, using general price indexes; and in inventories, using estimates of their replacement cost. The market-value statistics value the equity portion of direct investment using indexes of stock market prices.

The historical-cost statistics are not usually adjusted to reflect changes in the current costs or the replacement costs of tangible assets or in the stock market valuations of firms. Over time, the current costs of tangible assets and the stock market valuations of firms tend to increase.

As a result, the historical-cost statistics on the positions tend to be less than the current-cost and market-value statistics on the positions. The current-cost statistics on the position are discussed in "The International Investment Position of the United States at Yearend 2010" in this issue.

Alternative Direct Investment Positions, 2009 and 2010
[Millions of dollars]

                                            Changes in 2010
                         Position
Valuation method        at yearend                    Financial
                         2009 (r)        Total          flows

Outward:
  Historical cost         3,547,038        361,193        328,905
  Current cost            4,067,501        361,925        351,350
  Market value            4,330,914        512,411        351,350

Inward:
  Historical cost         2,114,501        228,329        228,249
  Current cost            2,441,705        217,227        236,226
  Market value            3,026,781        424,624        236,226

                         Changes
                         in 2010
                                        Position
Valuation method        Valuation      at yearend
                       adjustments      2010 (p)

Outward:
  Historical cost            32,288      3,908,231
  Current cost               10,575      4,429,426
  Market value              161,061      4,843,325

Inward:
  Historical cost                80      2,342,829
  Current cost              -18,999      2,658,932
  Market value              188,398      3,451,405

(p) Preliminary

(r) Revised

Accounting Standards and Direct Investment Positions

Data used to compute the direct investment positions are obtained from the accounting records of the respondent companies that file BEA's direct investment surveys. Because these records are maintained in accordance with financial accounting standards, changes in those standards may affect the data BEA uses to compute the positions. One significant change to U.S. Generally Accepted Accounting Principles (U.S. GAAP)--the accounting standards that most respondents use--is the expanded use of fair value accounting as a result of the convergence of U.S. GAAP with International Financial Reporting Standards (IFRS). In addition, a growing number of respondents are using other accounting standards, such as IFRS, that allow greater use of fair value accounting than U.S. GAAP.

Fair value accounting is the valuing of assets or liabilities at current-market prices or fair-market value rather than at purchase prices (historical cost). As a result, the fair value of an asset or a liability may substantially differ from its value at historical cost.

U.S. GAAP is shifting to allow or to require more types of assets and liabilities to be recorded at fair value. In the past, most data reported on BEA's surveys was valued at historical cost, and the use of fair value accounting was very limited, primarily to record debt and equity securities held for trading purposes. U.S. GAAP now allows more types of financial assets and liabilities to be recorded at fair value and requires business combinations to be recorded at fair value. IFRS goes further than U.S.

GAAP by allowing fixed assets to be recorded at fair value. As a result, many companies have balance sheets that include valuations at both fair value and historical cost.

The growing use of fair value accounting in the survey data has implications for all three measures of the direct investment positions (historical cost, current cost, and market value) as financial data previously reported on BEA's surveys at historical cost are replaced by data reported at fair value. Information collected in recent years on BENs annual surveys of foreign direct investment in the United States indicates that relatively few affiliates use fair value accounting to prepare their balance sheets, but those that do record a significant portion of their assets and liabilities at fair value. The effect on the positions is difficult to assess because respondents that use fair value accounting are not generally able to provide historical-cost valuations for comparison. However, BEA believes that to date, the effect on the positions at historical cost has been immaterial and that its featured measure of the direct investment positions--the current-cost measure that appears in the net international investment position---continues to be an accurate and consistent measure of outward and inward direct investment. BEA will continue to assess the extent and effect of fair value accounting and other accounting practices on its statistics and will change its methodologies if it determines that such changes would improve the accuracy and consistency of the statistics.

Indirect Ownership in the Statistics on U.S. Direct Investment Abroad

For the past three decades, the share of direct investments abroad owned indirectly--that is, by U.S. parent companies owning foreign affiliates that in turn own other foreign affiliates--has increased. While affiliates in any industry can own other foreign affiliates, much of this investment is funneled through holding-company affiliates. (1) Foreign affiliates classified as holding companies accounted for 39 percent of the U.S. direct investment position abroad in 2010. (2) In 1982, foreign affiliates classified as holding companies accounted for 9 percent of the U.S. direct investment position abroad (chart A).

One consequence of the rising use of indirect ownership arrangements is that U.S. direct investment abroad statistics on positions and related flows show industry and country patterns that are increasingly different from the industries and countries in which the production and sale of goods and services by foreign affiliates occurs. (4)

Data from BEA's surveys of the operations of U.S. parent companies and their foreign affiliates suggest the degree to which indirect ownership structures may affect the country and industry distributions of the outward position data. (4) The statistics on the operations of these foreign affiliates are classified in the country where the affiliate's physical assets are located or where its primary activity is carried out, and they are classified in the industry that reflects the affiliate's primary activity. Thus, these statistics reflect more closely the countries and industries in which the production of goods and services by foreign affiliates actually occurs than do the statistics classified by the country and industry of the affiliate with which the parent company has a direct position or transaction.

Indirect ownership of affiliates, especially through holding companies, appears to be the most important reason for differences in the patterns of investment by country or by industry between the position statistics and the operations statistics. According to the operations statistics, in 2008, three-fourths of foreign affiliates' equity investment in other foreign affiliates was by holding companies, but there were also sizable holdings by affiliates in "finance (except banks) and insurance" and manufacturing. Other factors also contribute to the differences between the position statistics and the operations statistics, including the fact that the operations statistics, unlike the position statistics, are not adjusted for percentage of U.S. ownership, and duplication in some measures of affiliate operations--such as assets and earnings when affiliates hold equity or debt positions in one another. A comparison of the statistics on the outward direct investment position with the statistics on the assets and the net property, plant, and equipment (PP&E) of foreign affiliates for 2008 (the latest year for which detailed operations statistics are available) illustrates the differences in distribution between the position statistics and the operations statistics. In that year, manufacturing's share of the outward position, 15 percent, was similar to its 16 percent share of the assets but much lower than its 37 percent share of the PP&E of foreign affiliates. By country, the Netherlands' share of the direct investment position was 13 percent, compared with its 10 percent share of assets and 2 percent share of PP&E. (5)

For further discussion of the effects of holding companies on the direct investment abroad series, see the "Technical Note" in Maria Borga and Raymond J. Mataloni, Jr., "Direct Investment Positions for 2000: Country and Industry Detail" SURVEY 81 (July 2001): 23-25.

[GRAPHIC A OMITTED]

(1.) A holding company is a company whose primary activity is holding the securities or financial assets of other companies.

(2.) In 2010, the 39 percent share was virtually unchanged from that in 2009. Since 2006, the percent share--at 33 percent-- has gradually increased each year. The share in 2005 was significantly lower--32 percent--primarily as the result of large earnings distributions (and the resulting negative reinvested earnings) in 2005 associated with the American Jobs Creation Act of 2004. The largest distributions by far were from holding companies, especially those with parents in chemicals manufacturing.

(3.) Statistics on the outward position and related flows are allocated to the industries and countries of the affiliates with which the U.S. parent companies have direct transactions and positions, which may differ from the industries and countries of the affiliates whose operations the parents ultimately own or control. This convention follows international statistical guidelines in the Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International Monetary Fund, 2009).

(4.) Besides chain-of-ownership information, data collected on the operations survey include items such as assets, sales, employment, and net property, plant, and equipment.

(5.) The statistics used to derive the shares of the assets and the PP&E cover only those foreign affiliates that are majority-owned by U.S. direct investors.

Indirect Ownership in the Statistics on Foreign Direct Investment in the United States

Foreign multinational firms may own their U.S. affiliates indirectly through ownership chains that extend across countries. The position statistics that are presented in this article are classified by the country of the foreign parent or of the member of the foreign parent group (henceforth, by the country of foreign parent) with a positive or negative net debt investment in the U.S. affiliate, which is consistent with the international statistical guidelines. (1) As such, the position is classified by the first country outside of the United States with a direct claim on the U.S. affiliate. In addition to the data collected by country of foreign parent, the Bureau of Economic Analysis (BEA) collects data on the country of the ultimate beneficial owner (UBO) of the U.S. affiliate. The UBO ultimately owns or controls the U.S. affiliate (see the box "Key Terms"). BEA also presents the inward direct investment position classified by country of UBO for major regions and selected countries. (2)

For most affiliates, the country of the UBO is also the country of the foreign parent. Of the U.S. affiliates required to report in the 2007 Bendamark Survey of Foreign Direct Investment in the United States, the country of the UBO and that of its foreign parent was the same for 81 percent of affiliates. Together, these affiliates accounted for more than four-fifths of the total assets, sales, and employment of all affiliates. However for some countries, especially financial centers through which multinational firms may channel their investments, the position classified by country of UBO can differ significantly from those classified by country of foreign parent.

For some foreign parent countries--most notably, Luxembourg, Switzerland, and the Netherlands--the positions classified by country of foreign parent were much higher than those classified by country of UBO. For other UBO countries--most notably, Bermuda and several countries in the Middle East--positions classified by country of UBO were much higher than those classified by country of foreign parent.

Bermuda is an example of a country that uses tax and regulatory policies to attract the corporate headquarters of multinational firms. (3) For Bermuda, the higher position by country of UBO than by country of the foreign parent represents investments by multinational companies organized with entities in Bermuda at the top-tier of the corporate group, including U.S. corporations that reorganize their ownership structure. (4)

For countries in the Middle East, positions by country of foreign parent are lower than those classified by country of UBO because investments from the Middle East are often routed through affiliates in other countries.

(1.) This convention follows guidelines in the Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International Monetary Fund, 2009).

(2.) BEA regularly publishes detailed tabulations that compare statistics classified by country of foreign parent and country of UBO for both the direct investment position and direct investment income in table 16 in the September SURVEY; for example, see table 16 on page 127 in the September 2010 SURVEY. This September, preliminary statistics for 2010 and revised statistics for 2007, 2008, and 2009 will be published. Table 16 will also be available in early August on BEEs Web site.

(3.) For a summary of research on the effects of taxation on multinational firms, see Mihir A.Desai, Fritz C. Foley, and James R. Hines, "Taxation and Multinational Activity: New Evidence, New Interpretations," SURVEY 86 (February 2006): 16-22.

(4.) Such reorganizations are sometimes referred to as "corporate inversions." The U.S. corporation forms a new corporation in a foreign country and simultaneously inverts its ownership structure so that the U.S. corporation is now a U.S. affiliate of a foreign corporation.

Historical-Cost Foreign Direct Investment Position by
Country of Foreign-Parent-Group-Member and the UBO, 2010 (1)
[Billions of dollars]

                                      By country of
                                       each member      By country
                                     of the foreign       of UBO
                                      parent group

All countries                                2,342.8        2,342.8

  Canada                                       206.1          238.1

  Europe                                     1,697.2        1,437.9
    Of which:
      Luxembourg                               181.2           24.4
      Netherlands                              217.1          118.0
      Switzerland                              192.2           61.6
      United Kingdom                           432.5          497.5

  Latin America and Other Western
      Hemisphere                                60.1          195.5
    Of which:
      Bermuda                                    5.1          124.8
      Mexico                                    12.6           34.0
      United Kingdom Islands,
        Caribbean                               31.2            0.8

  Africa                                         2.0            2.2

  Middle East                                   15.4           47.5

  Asia and Pacific                             362.0          390.1
    Of which:
      Japan                                    257.3          263.2

(1) The ultimate beneficial owner (UBO) is that person, proceeding
up a U.S. affiliate's ownership chain,  beginning with the foreign
parent, that is not owned more than 50 percent by another person.
The country  of U80 is often the same as that of the foreign parent,
but it may be a different foreign country or the  United States.

Data Availability

This article summarizes the preliminary statistics on direct investment positions for 2010. It also presents revised statistics on the outward position for 2008-2009 and the inward position for 2007-2009. More detailed statistics on the positions and financial transactions and related income flows for both outward and inward investment will be published in the September 2011 SURVEY OF CURRENT BUSINESS.

Detailed statistics on the outward direct investment position and related financial and income flows for 1982-2010 and statistics on the inward direct investment position and related financial and income flows for 1980-2010 are available on BEA's Web site. To access these files, go to BEA's Web site at www.bea.gov.

Key Terms

For a more detailed discussion of the terms in this box, see Foreign Direct Investment in the United States: Final Results From the 2002 Benchmark Survey and U.S. Direct Investment Abroad: Final Results From the 2004 Benchmark Survey. These methodologies are available on BEA's Web site at www.bea.gov.

Direct investment

This is investment in which a resident (in the broad legal sense, including a company) of one country obtains a lasting interest in, and a degree of influence over the management of, a business enterprise in another country. In the United States (and in the international statistical guidelines), the criterion used to define direct investment is ownership of at least 10 percent of the voting securities of an incorporated business enterprise or the equivalent interest in an unincorporated business enterprise.

U.S. direct investment abroad (outward direct investment) represents the ownership or control, directly or indirectly, by one U.S. resident (U.S. parent) of at least 10 percent of a foreign business enterprise, which is called a foreign affiliate.

Foreign direct investment in the United States (inward direct investment) represents the ownership or control, directly or indirectly, by one foreign resident (foreign parent) of at least 10 percent of a U.S. business enterprise, which is called a U.S. affiliate. Foreign direct investment includes equity and net debt investments by the foreign parent, as well as net debt investments by any other members of the foreign parent group. The foreign parent group consists of (1) the foreign parent, (2) any foreign person (including a company), proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the person below it, up to and including the ultimate beneficial owner (UBO), and (3) any foreign person, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the person above it.

The UBO of a U.S. affiliate is the first person, proceeding up the affiliate's ownership chain, that is not more than 50 percent-owned by another person. The UBO ultimately owns or controls the affiliate and derives the benefits and assumes the risks associated with ownership or control. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.

Direct investment position

This is the value of direct investors' equity in, and net outstanding loans to, their affiliates. The direct investment position may be viewed as the direct investors' net financial claims on their affiliates. BEA prepares statistics of the positions for outward direct investment and for inward direct investment at historical cost, current cost, and market value. This article features the historical-cost measure. This valuation is principally derived from the financial accounting records of affiliates and generally reflects the acquisition cost of the investments, cumulative reinvested earnings, and cumulative depreciation of fixed assets.

Direct investment financial flows arise from transactions that change financial claims (assets) and liabilities between U.S. parents and their foreign affiliates or between U.S. affiliates and their foreign parents. Financial outflows arise from transactions that increase U.S. assets or decrease U.S. liabilities. Financial inflows arise from transactions that decrease U.S. assets or increase U.S. liabilities. Direct investment financial flows consist of equity investment, intercompany debt investment, and reinvested earnings.

Equity investment is the difference between equity increases and decreases. Equity increases arise from (1) parents' establishments of new affiliates, (2) payments by parents to unaffiliated parties for the purchase of capital stock or other equity interests when they acquire an existing business, (3) payments to acquire additional ownership interests in their affiliates, and (4) capital contributions to their affiliates. Equity decreases are the funds parents receive when they reduce their equity interests in their affiliates.

Intercompany debt investment results from changes in net outstanding loans between parents (or, for inward investment, other foreign parent group members) and their affiliates, including loans by parents to affiliates and loans by affiliates to parents.

Reinvested earnings (without current-cost adjustment) are the parents' share of the current-period operating earnings of their affiliates less distributions of earnings that affiliates make to their parents. A related measure of reinvested earnings is featured in the international transactions accounts; this measure includes a current-cost adjustment that reflects current-period prices. This adjustment converts depreciation charges to a current-cost, or replacement-cost, basis; it adds charges for depletion of natural resources back to income and reinvested earnings because these charges are not treated as production costs in the national income and product accounts; and it reallocates expenses for mineral exploration and development across periods, so that they are written off over their economic fives rather than all at once.

Various valuation adjustments to the historical-cost position are made to account for the differences between changes in the historical-cost positions, which are measured at book value, and direct investment financial flows, which are measured at transaction value. (Unlike the positions on current-cost and market-value bases, the historical-cost position is not usually adjusted to account for changes in the replacement cost of the tangible assets of affiliates or in the market value of parent companies' equity in affiliates.)

Valuation adjustments to the historical-cost position consist of currency-translation adjustments and "other" adjustments. Currency-translation adjustments account for changes in the exchange rates that are used to translate affiliates' foreign-currency-denominated assets and liabilities into U.S. dollars. "Other" valuation adjustments account for (1) differences between the proceeds from the sale or liquidation of affiliates and their book values, (2) differences between the purchase prices of affiliates and their book values, (3) write-offs resulting from uncompensated expropriations of affiliates, (4) the reclassification of investment positions between direct investment and other investment, and (5) capital gains and losses (excluding currency-translation adjustments) on transactions, such as the sale of assets (excluding inventories) or capital gains and losses that represent the revaluation of the assets of ongoing affiliates for reasons other than exchange-rate changes, such as the write-down of assets. In addition, for individual industries, offsetting adjustments may be made to effect changes in the industry classification of an affiliate. For individual countries, offsetting adjustments are made when the political boundaries of countries change. In addition, for inward direct investment, offsetting adjustments are made when transactions between foreign residents result in a change in the country of the foreign parent.

(1.) In this article, "outward direct investment" and "outward" are shorthand for U.S. direct investment abroad. Likewise, "inward direct investment" or "inward" are shorthand for foreign direct investment in the United States.

(2.) The measure of direct investment financial flows used in this article differs from the measure of direct investment financial flows used in the international transactions accounts because the reinvested earnings component of financial flows included here excludes a current-cost adjustment. See the box "Key Terms" for more information. In this article, "(direct investment) financial flows" is shorthand for "(direct investment) financial flows without current-cost adjustment" and "reinvested earnings" is shorthand for "reinvested earnings without current-cost adjustment."

(3.) The outward direct investment position and related financial flows are classified by the country of the foreign affiliate with which the U.S. parent has direct transactions and positions. The inward direct investment position and related financial flows are classified by the country of the foreign parent or of other members of the foreign parent group that have direct transactions and positions with the U.S. affiliate.

(4.) According to data from Thompson Reuters report "Mergers and Acquisitions Review: Financial Advisor Full Year 2010."

(5.) In this article, "banks" refer to "depository institutions," which is the industry title that appears in the tables.

(6.) The measure of U.S. corporate profits referenced here excludes inventory valuation and capital consumption adjustments as does the measure of affiliates' earnings (see table 1.12 of the national income and product accounts).

(7.) For the previously published statistics, see Marilyn Ibarra-Caton, "Direct Investment Positions for 2009: Country and Industry Detail," SURVEY 90 (July 2010): 20-35.

Table A. Direct Investment Positions
on a Historical-Cost Basis, 1982-2010

 Yearend        Billions of dollars             Percent change
                                              from preceding year

              Outward         Inward        Outward         Inward
              position       position       position       position
                (1)            (2)            (1)            (2)

1982               207.8          124.7            ...            ...
1983               212.2          137.1            2.1            9.9
1984               218.1          164.6            2.8           20.1
1985               238.4          184.6            9.3           12.2
1986               270.5          220.4           13.5           19.4
1987               326.3          263.4           20.6           19.5
1988               347.2          314.8            6.4           19.5
1989               381.8          368.9           10.0           17.2
1990               430.5          394.9           12.8            7.0
1991               467.8          419.1            8.7            6.1
1992               502.1          423.1            7.3            1.0
1993               564.3          467.4           12.4           10.5
1994               612.9          480.7            (3)            (3)
1995               699.0          535.6           14.1           11.4
1996               795.2          598.0           13.8           11.7
1997               871.3          681.8            9.6           14.0
1998             1,000.7          778.4           14.8           14.2
1999             1,216.0          955.7           21.5           22.8
2000             1,316.2        1,256.9            8.2           31.5
2001             1,460.4        1,344.0           10.9            6.9
2002             1,616.5        1,327.2           10.7           -1.3
2003             1,769.6        1,395.2            9.5            5.1
2004             2,160.8        1,520.3           22.1            9.0
2005             2,241.7        1,634.1            3.7            7.5
2006             2,477.3        1,840.5           10.5           12.6
2007             2,994.0    1,993.2 (r)            (4)            (4)
2008         3,232.5 (r)    2,046.7 (r)            8.0            2.7
2009         3,547.0 (r)    2,114.5 (r)            9.7            3.3
2010         3,908.2 (p)    2,342.8 (p)           10.2           10.8

(p) Preliminary

(r) Revised

(1.) U.S. direct investment position abroad.

(2.) Foreign direct investment position in the United States.

(3.) The direct investment positions reflect a discontinuity between
1993 and 1994 because of the reclassification of intercompany debt
between parent companies and affiliates that are nondepository
financial intermediaries from direct investment to other investment
accounts.

(4.) The direct investment positions reflect a discontinuity between
2006 and 2007 because of the reclassification of permanent debt
between affiliated depository institutions from direct investment to
other investment accounts.

Table B. Change in the Outward Direct Investment
Position on a Historical-Cost Basis by Component
[Billions of dollars]

                                              2009      2010

Total                                          314.5     361.2
  Financial flows without current-cost
      adjustment                               282.7     328.9
    Equity                                      24.5      47.7
      Increases                                 78.5     104.1
      Decreases                                 54.0      56.4
    Intercompany debt                           41.4     -16.9
    Reinvested earnings without current-
      cost adjustment                          216.7     298.1
  Valuation adjustments                         31.8      32.3
    Currency translation                        61.8       8.6
    Other                                      -30.0      23.7

Table C. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Country of Foreign Affiliate, 2010

                                              Change

                                               Billions
                                                  of        Percent
                                               dollars

All countries                                      361.2           10

  Canada                                            30.1           11

  Europe                                           180.0            9
    Of which:
      Luxembourg                                    68.8           33
      United Kingdom                                49.8           11
      Netherlands                                   40.3            8
      Ireland                                       30.2           19
      Norway                                         6.2           22
      Germany                                       -5.1           -5
      Switzerland                                   -6.1           -4
      Sweden                                        -6.4          -18
      Russia                                       -10.1          -50

  Latin America and Other Western Hemisphere        48.2            7
    Of which:
      Brazil                                        10.8           20
      Bermuda                                        9.9            4
      United Kingdom Islands, Caribbean              9.2            7
      Netherlands Antilles                           5.9           35
      Chile                                          4.7           22

  Africa                                             9.9           23
    Of which:
      Mauritius                                      3.2           78
      Egypt                                          2.6           28

  Middle East                                        0.3            1

  Asia and Pacific                                  92.6           18
    Of which:
      Australia                                     24.2           22
      Japan                                         17.2           18
      Singapore                                     17.1           19
      China                                         10.7           21
      India                                          6.2           30

Table D. Change in the Inward Direct Investment Position
on a Historical-Cost Basis by Component
(Billions of dollars]

                                                  2009      2010

Total                                               67.8     228.3
  Financial flows without current-cost
      adjustment                                   152.9     228.2
    Equity                                         134.3     114.7
      Increases                                    170.9     141.4
      Decreases                                     36.6      26.7
    Intercompany debt                               10.8      27.8
    Reinvested earnings without current-cost
      adjustment                                     7.8      85.7
  Valuation adjustments                            -85.1       0.1
    Currency translation                             4.1       0.0
    Other                                          -89.2       0.0

Table E. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Country of Each Member of the Foreign
Parent Group, 2010

                                                   Change

                                          Billions       Percent
                                         of dollars

All countries                                  228.3             11

  Canada                                         3.8              2

  Europe                                       180.9             12
    Of which:
      Switzerland                               51.5             37
      Luxembourg                                34.6             24
      France                                    26.8             17
      Germany                                   21.5             11
      Netherlands                               17.1              9
      United Kingdom                            16.3              4
      Ireland                                    6.4             26
      Belgium                                    5.4             14
      Sweden                                     5.2             14
      Spain                                      1.9              5
      Italy                                      0.7              5

  Latin America and Other Western
      Hemisphere                                11.8             24
    Of which:
      United Kingdom Islands,
        Caribbean                                6.0             24
      Bermuda                                    3.0            136

  Africa                                         0.8             67

  Middle East                                   -1.5             -9

  Asia and Pacific                              32.5             10
    Of which:
      Japan                                     18.0              8
      Australia                                  8.3             20

Table 1.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2009

[Millions of dollars]

                                 All
                              industries       Mining

    All countries              3,547,038        163,467

Canada                           266,577         20,394

Europe (1)                     2,005,931         38,843
  Austria                         15,628              1
  Belgium                         70,697             12
  Czech Republic                   5,355              0
  Denmark                          9,790            123
  Finland                          1,988              0
  France                          89,249            195
  Germany                        110,958             48
  Greece                           1,995             -6
  Hungary                          3,914            169
  Ireland                        160,232            -12
  Italy                           29,861             53
  Luxembourg                     206,133            158
  Netherlands                    481,140          2,020
  Norway                          27,652          5,372
  Poland                          13,455              0
  Portugal                         2,667              1
  Russia                          19,945            (D)
  Spain                           57,357             79
  Sweden                          35,846              0
  Switzerland                    149,772            (D)
  Turkey                           5,042            (*)
  United Kingdom                 458,536          4,856
  Other                           48,718            (D)

Latin America and Other
    Western Hemisphere           676,183         38,508
  South America                  120,545         24,364
    Argentina                     14,328          4,180
    Brazil                        55,176          3,088
    Chile                         21,549          9,771
    Colombia                       6,176          2,561
    Ecuador                        1,209            162
    Peru                           5,594          3,191
    Venezuela                     14,242            945
    Other                          2,269            465

  Central America                103,510          5,257
    Costa Rica                     1,712            (*)
    Honduras                         870              0
    Mexico                        89,419          5,157
    Panama                         6,871            121
    Other                          4,638            -21

  Other Western
      Hemisphere                 452,128          8,887
    Barbados                       4,068              8
    Bermuda                      254,541            508
    Dominican Republic             1,105              0
    United Kingdom
      Islands, Caribbean         139,880            (D)
    Other                         52,534            (D)

Africa                            43,575         24,403
  Egypt                            9,149            (D)
  Nigeria                          4,971          3,806
  South Africa                     6,107            (D)
  Other                           23,347            (D)

Middle East                       36,257          6,947
  Israel                           9,273              0
  Saudi Arabia                     8,023            620
  United Arab Emirates             4,195            (D)
  Other                           14,766            (D)

Asia and Pacific                 518,516         34,373
  Australia                      109,827         20,785
  China                           49,799          3,636
  Hong Kong                       49,152            (*)
  India                           20,894            668
  Indonesia                       15,645          4,611
  Japan                           96,015            (*)
  Korea, Republic of              26,813             -1
  Malaysia                        13,235          2,632
  New Zealand                      6,270             60
  Philippines                      5,908             29
  Singapore                       88,925            768
  Taiwan                          19,237            (*)
  Thailand                         9,776            249
  Other                            7,020            935

Addenda:
  European Union (27) (2)      1,760,041          8,087
  OPEC (3)                        54,866         15,099

                                            Manufacturing

                                Total           Food        Chemicals

    All countries                526,705         44,780        121,900

Canada                            65,587          5,286         12,006

Europe (1)                       268,480         24,709         73,269
  Austria                          4,122            (D)            225
  Belgium                         25,279          1,627         11,789
  Czech Republic                   2,360            (D)            128
  Denmark                          3,378            107             48
  Finland                            809            (D)             39
  France                          27,991          5,399          4,207
  Germany                         30,832            839          7,509
  Greece                             706             87            111
  Hungary                          1,099            182            129
  Ireland                         22,493            284         12,058
  Italy                           11,217            888          1,755
  Luxembourg                       4,531              0             25
  Netherlands                     29,620          1,336          5,207
  Norway                           4,035            (D)            398
  Poland                           3,374          1,175            740
  Portugal                           606              6            127
  Russia                           4,449            (D)             44
  Spain                           15,102          1,144          5,387
  Sweden                           3,539             69            288
  Switzerland                     19,084            185         12,469
  Turkey                           1,510              2            611
  United Kingdom                  50,041          6,558          9,633
  Other                            2,302            553            343

Latin America and Other
    Western Hemisphere            71,318          6,318         15,319
  South America                   37,354          3,130         10,665
    Argentina                      2,856            123          1,403
    Brazil                        24,421          1,684          6,521
    Chile                          2,704             39            814
    Colombia                       1,733            226            461
    Ecuador                          176             42             30
    Peru                             547            (D)            137
    Venezuela                      4,582            928          1,220
    Other                            335            (D)             78

  Central America                 29,823          3,069          4,355
    Costa Rica                       856             90             74
    Honduras                         521              4             15
    Mexico                        27,364          2,811          4,020
    Panama                           230             38            165
    Other                            851            125             83

  Other Western
      Hemisphere                   4,140            120            299
    Barbados                         112             36             67
    Bermuda                        1,665              0            (D)
    Dominican Republic               726            (D)             31
    United Kingdom
      Islands, Caribbean             652             10              2
    Other                            986            (D)            (D)

Africa                             3,680            182            591
  Egypt                              156             30            -35
  Nigeria                             17             19             33
  South Africa                     2,681             35            502
  Other                              827             99             91

Middle East                       12,299            193          1,327
  Israel                           5,707            158            (D)
  Saudi Arabia                       442              2            (D)
  United Arab Emirates               (D)             36            119
  Other                              (D)             -3            (D)

Asia and Pacific                 105,340          8,091         19,388
  Australia                       12,803          3,058          3,896
  China                           23,945          2,878          5,341
  Hong Kong                        4,436             -2            100
  India                            3,801            117          1,106
  Indonesia                          294            -35             88
  Japan                           17,463            205          3,513
  Korea, Republic of              11,148            897          1,173
  Malaysia                         6,281            282            719
  New Zealand                      1,193            (D)            103
  Philippines                      2,835            104            694
  Singapore                       10,833             -1            611
  Taiwan                           4,237            (D)            525
  Thailand                         5,668            111          1,423
  Other                              403            (D)             98

Addenda:
  European Union (27) (2)        238,644         20,606         59,732
  OPEC (3)                        11,370          1,038          2,715

                                            Manufacturing

                               Primary                      Computers
                                 and                           and
                              fabricated                    electronic
                                metals       Machinery       products

    All countries                 21,218         39,755         68,720

Canada                             4,200          3,166          2,969

Europe (1)                        12,991         24,995         24,960
  Austria                            175            160            (D)
  Belgium                            172          1,078            965
  Czech Republic                     157            (D)            136
  Denmark                             26            341          1,446
  Finland                             50            (D)            107
  France                           3,478          1,913          1,528
  Germany                          2,118          3,827          4,359
  Greece                               0              1              5
  Hungary                             14             16            127
  Ireland                             39            493          2,529
  Italy                              985          1,342          1,429
  Luxembourg                           1            (D)             90
  Netherlands                        609          1,927          1,093
  Norway                             (D)            (D)             47
  Poland                             407             30            145
  Portugal                           -15            (D)            126
  Russia                             (D)            -16             38
  Spain                              175            242          1,782
  Sweden                              93            608            841
  Switzerland                         52          1,644          1,379
  Turkey                             (")              3             22
  United Kingdom                   2,385          8,427          4,344
  Other                              (D)             20            (D)

Latin America and Other
    Western Hemisphere             2,811          3,629          2,060
  South America                    1,256          2,218            (D)
    Argentina                          1            206             80
    Brazil                         1,055          1,820            (D)
    Chile                             -1             79             50
    Colombia                           6            (D)            (*)
    Ecuador                            1              1              3
    Peru                             (D)              4              1
    Venezuela                        (D)            (D)            135
    Other                            (D)             -3              2

  Central America                    752          1,404         -1,009
    Costa Rica                         0              0            (D)
    Honduras                           0            (*)              4
    Mexico                           758          1,403         -1,354
    Panama                             4              0            (*)
    Other                            -11              1            (D)

  Other Western
      Hemisphere                     803              7            (D)
    Barbados                           9
    Bermuda                          (*)              7            (D)
    Dominican Republic               (D)              0            -26
    United Kingdom
      Islands, Caribbean             (D)              1             83
    Other                            (D)              0            (*)

Africa                               278            342            252
  Egypt                                8            (D)             16
  Nigeria                             -5              5            (D)
  South Africa                       253            202            146
  Other                               21            (D)            (D)

Middle East                           97            476          4,375
  Israel                               3            (D)            (D)
  Saudi Arabia                       (D)             15              0
  United Arab Emirates               (D)            (D)            (D)
  Other                                0              2              0

Asia and Pacific                     841          7,146         34,103
  Australia                       -1,266            903            452
  China                              692          1,091          7,112
  Hong Kong                           77            635          2,709
  India                              (D)            693            351
  Indonesia                            6             20              8
  Japan                              409          1,317          2,783
  Korea, Republic of                 (D)            158          2,761
  Malaysia                            23            286          4,523
  New Zealand                         42             43             82
  Philippines                          2             27          1,675
  Singapore                          132          1,530          7,389
  Taiwan                              86            252          2,811
  Thailand                           209            189          1,427
  Other                              (D)              1             21

Addenda:
  European Union (27) (2)         10,960         21,620         23,473
  OPEC (3)                           139            432            161

                                            Manufacturing

                              Electrical
                              equipment,
                             appliances,       Trans-         Other
                                 and         portation        manu-
                              components     equipment      facturing

    All countries                 22,482         48,567        159,282

Canada                             2,457          3,320         32,183

Europe (1)                        14,926         22,987         69,642
  Austria                            320            835            (D)
  Belgium                            357            908          8,382
  Czech Republic                       5            851            182
  Denmark                             62              2          1,344
  Finland                            (D)             88            124
  France                             332          2,087          9,048
  Germany                            990          4,805          6,384
  Greece                               0              0            501
  Hungary                             -3            382            253
  Ireland                             83             61          6,946
  Italy                              -12            909          3,922
  Luxembourg                         (*)            (D)          3,730
  Netherlands                        (D)            -40            (D)
  Norway                             -15            (D)             -1
  Poland                               2            437            440
  Portugal                            14            (D)             87
  Russia                               5             29            (D)
  Spain                              104          1,982          4,286
  Sweden                             220            203          1,218
  Switzerland                        641            358          2,356
  Turkey                               1            303            568
  United Kingdom                     (D)          8,248            (D)
  Other                               57            128            735

Latin America and Other
    Western Hemisphere             1,728         13,643         25,809
  South America                      (D)          6,188            (D)
    Argentina                       -146            367            823
    Brazil                           (D)          4,527            (D)
    Chile                            (*)             39          1,684
    Colombia                         (D)            (D)            (D)
    Ecuador                            0            (D)            (D)
    Peru                               0              0            289
    Venezuela                        236            (D)          1,107
    Other                              0             29            (D)

  Central America                  1,641          7,455         12,157
    Costa Rica                       133              0            (D)
    Honduras                           0            (D)            (D)
    Mexico                         1,508          7,368         10,850
    Panama                             0              0             24
    Other                            (*)            (D)            (D)

  Other Western
      Hemisphere                     (D)            (*)            (D)
    Barbados                           0            (*)              0
    Bermuda                            0              0            (D)
    Dominican Republic                 0              0            616
    United Kingdom
      Islands, Caribbean             (D)              0            (D)
    Other                              0              0            (D)

Africa                               123            931            981
  Egypt                                5             24            (D)
  Nigeria                              0              0            (D)
  South Africa                       118            866            559
  Other                                0             41            (D)

Middle East                           41             42          5,749
  Israel                              32              0            (D)
  Saudi Arabia                         0             42            (D)
  United Arab Emirates                 9              0            (D)
  Other                                0              0            (D)

Asia and Pacific                   3,208          7,644         24,919
  Australia                          385            903          4,471
  China                              373          2,563          3,896
  Hong Kong                          245             39            634
  India                              171            923            (D)
  Indonesia                          (D)            -86            (D)
  Japan                            1,412          1,044          6,779
  Korea, Republic of                  90          1,095            (D)
  Malaysia                             1             51            395
  New Zealand                        (D)             12            464
  Philippines                          1             25            308
  Singapore                          244            291            638
  Taiwan                             134             71            (D)
  Thailand                            55            579          1,677
  Other                                0            135             69

Addenda:
  European Union (27) (2)         14,295         22,238         65,721
  OPEC (3)                           245            940          5,701

                                                            Depository
                              Wholesale                      institu-
                                trade       Information       tions

    All countries                181,186        144,562        121,340

Canada                            21,941          6,578          4,765

Europe (1)                        92,686         97,127         75,339
  Austria                            902            -67            (D)
  Belgium                          6,409           -645            (D)
  Czech Republic                     215            228            (D)
  Denmark                          1,077            374            263
  Finland                            735            156             32
  France                           5,247          2,804          4,652
  Germany                          9,121          4,280          1,645
  Greece                             726              7           -156
  Hungary                            589            205          1,694
  Ireland                          1,783         29,664            (D)
  Italy                            2,861          2,174            149
  Luxembourg                           9          5,522            (D)
  Netherlands                     18,268         12,301            (D)
  Norway                             320          1,516            (D)
  Poland                           2,285            674            (D)
  Portugal                           752            110              0
  Russia                             451             80            (D)
  Spain                            3,457            829          2,480
  Sweden                             852            734            (D)
  Switzerland                     20,295          3,221            (D)
  Turkey                             781            -36            (D)
  United Kingdom                  13,985         33,213         13,818
  Other                            1,568           -216          2,436

Latin America and Other
    Western Hemisphere            27,908         10,273         -1,400
  South America                    5,164          5,046          6,965
    Argentina                        597            953            (D)
    Brazil                         2,318              4            (D)
    Chile                            769            137          1,452
    Colombia                         418             17            (D)
    Ecuador                          (D)              2            (D)
    Peru                             504             75            494
    Venezuela                        (D)             35            (D)
    Other                            217            256             92

  Central America                  3,149          2,946          5,804
    Costa Rica                        12             17             97
    Honduras                          74            (*)            116
    Mexico                         2,412          2,949          2,916
    Panama                           423             -5            (D)
    Other                            229            -15            (D)

  Other Western
      Hemisphere                  19,595          2,280        -14,168
    Barbados                       5,075            103              0
    Bermuda                          904            760             47
    Dominican Republic               138            (D)            (D)
    United Kingdom
      Islands, Caribbean             (D)            (D)        -15,630
    Other                            (D)            811            (D)

Africa                             1,366            160          2,203
  Egypt                               75             -9            (D)
  Nigeria                            (D)              1            (D)
  South Africa                       964            144            (D)
  Other                              (D)             25            750

Middle East                        1,958          1,631            180
  Israel                             608          1,552            (D)
  Saudi Arabia                       453             -2              0
  United Arab Emirates               885            (D)            (D)
  Other                               12            (D)            (D)

Asia and Pacific                  35,326         28,794         40,253
  Australia                        5,548         13,684            (D)
  China                            2,983            743         10,957
  Hong Kong                        7,342          1,454          1,762
  India                              854          5,516          3,023
  Indonesia                           68             12            (D)
  Japan                            7,001          5,150            (D)
  Korea, Republic of               1,939            277            (D)
  Malaysia                           295             94          1,355
  New Zealand                        349            313            (D)
  Philippines                        (D)             33            (D)
  Singapore                        4,858          1,284            (D)
  Taiwan                           3,058            221            (D)
  Thailand                           594             11          1,742
  Other                              (D)              1            (D)

Addenda:
  European Union (27) (2)         70,134         92,345         63,236
  OPEC (3)                         1,939            150            (D)

                               Finance          Pro-
                               (except       fessional,
                              depository    scientific,
                               institu-         and
                              tions) and     technical
                              insurance       services

    All countries                761,279         76,118

Canada                            49,326          5,620

Europe (1)                       381,091         51,369
  Austria                            417            557
  Belgium                         33,563            567
  Czech Republic                     (D)             19
  Denmark                            299            502
  Finland                             31            -14
  France                          14,333          3,470
  Germany                         10,433          5,684
  Greece                             542             11
  Hungary                            126             33
  Ireland                         12,786          9,502
  Italy                            3,987          1,250
  Luxembourg                      42,671            (D)
  Netherlands                     51,042          7,767
  Norway                             (D)            426
  Poland                           1,469            189
  Portugal                           539            148
  Russia                              32            162
  Spain                            5,597            528
  Sweden                          18,168            619
  Switzerland                     10,225          1,432
  Turkey                             108             16
  United Kingdom                 169,098         18,209
  Other                              (D)            (D)

Latin America and Other
    Western Hemisphere           212,538          1,218
  South America                   18,478          1,491
    Argentina                      1,358             94
    Brazil                        11,597            707
    Chile                          3,863            278
    Colombia                         489             39
    Ecuador                           58              2
    Peru                             166             74
    Venezuela                        613            272
    Other                            333             25

  Central America                 16,941           -516
    Costa Rica                       316            152
    Honduras                         158            (*)
    Mexico                        13,571           -658
    Panama                           (D)            -16
    Other                            (D)              6

  Other Western
      Hemisphere                 177,119            243
    Barbados                         704              4
    Bermuda                       99,932            282
    Dominican Republic                 1              1
    United Kingdom
      Islands, Caribbean          61,694            101
    Other                         14,787           -145

Africa                             2,885            401
  Egypt                              (D)              1
  Nigeria                            (D)            (*)
  South Africa                       (D)            352
  Other                              (D)             47

Middle East                          696          1,339
  Israel                             100            452
  Saudi Arabia                       -58            318
  United Arab Emirates               231            152
  Other                              422            416

Asia and Pacific                 114,743         16,171
  Australia                       27,923          4,291
  China                            1,818            406
  Hong Kong                       18,962          3,250
  India                            2,669          3,568
  Indonesia                          (D)             95
  Japan                           38,868          2,173
  Korea, Republic of               4,317            334
  Malaysia                           456            277
  New Zealand                      1,838            333
  Philippines                        (D)            304
  Singapore                        7,693            675
  Taiwan                           8,471            202
  Thailand                           375            272
  Other                              (D)             -9

Addenda:
  European Union (27) (2)        366,131         49,297
  OPEC (3)                         1,083          1,142

                               Holding
                              companies        Other
                              (nonbank)      industries

    All countries              1,351,158        221,223

Canada                            56,340         36,026

Europe (1)                       885,167        115,829
  Austria                            (D)            750
  Belgium                          2,704            (D)
  Czech Republic                      37             37
  Denmark                            657          3,117
  Finland                             -5            244
  France                          14,661         15,897
  Germany                         39,197          9,720
  Greece                             (D)            (D)
  Hungary                             44            -44
  Ireland                         64,728            (D)
  Italy                            1,909          6,263
  Luxembourg                     145,383            (D)
  Netherlands                    345,430            (D)
  Norway                             (D)            (D)
  Poland                             (D)            (D)
  Portugal                          -154            663
  Russia                               5            (D)
  Spain                           26,284          3,000
  Sweden                           9,301            (D)
  Switzerland                     76,493            (D)
  Turkey                              -5            (D)
  United Kingdom                 113,606         41,711
  Other                           22,619          2,032

Latin America and Other
    Western Hemisphere           287,345         28,476
  South America                   16,989          4,694
    Argentina                      3,276            (D)
    Brazil                         5,905            (D)
    Chile                            609          1,966
    Colombia                         176            (D)
    Ecuador                          (D)            (D)
    Peru                             (D)            (D)
    Venezuela                      6,527            (D)
    Other                              1            546

  Central America                 29,977         10,128
    Costa Rica                       641           -379
    Honduras                          -2              4
    Mexico                        27,061          8,647
    Panama                         2,287            (D)
    Other                            -10            (D)

  Other Western
      Hemisphere                 240,379         13,654
    Barbados                      -3,547          1,610
    Bermuda                      141,534          8,909
    Dominican Republic               (*)              2
    United Kingdom
      Islands, Caribbean          75,262          2,278
    Other                         27,130            855

Africa                             6,903          1,574
  Egypt                              (D)            -51
  Nigeria                            (D)             47
  South Africa                       438            430
  Other                            6,511          1,148

Middle East                       10,463            743
  Israel                             624            (D)
  Saudi Arabia                     6,030            219
  United Arab Emirates               (D)            176
  Other                              (D)            (D)

Asia and Pacific                 104,941         38,574
  Australia                       13,590            (D)
  China                            2,811          2,499
  Hong Kong                        9,067          2,878
  India                              220            574
  Indonesia                        8,309            (D)
  Japan                           10,394            (D)
  Korea, Republic of                 (D)            (D)
  Malaysia                           (D)            (D)
  New Zealand                        (D)          1,353
  Philippines                        (D)            500
  Singapore                       57,095            (D)
  Taiwan                              87            (D)
  Thailand                           265            601
  Other                              -39            (D)

Addenda:
  European Union (27) (2)        772,412         99,753
  OPEC (3)                        20,786            (D)

(*) A nonzero value between-$500,000 and $500,000.

(D) Suppressed to avoid disclosure of data of individual companies.

(1.) In 2009, the "Euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For
2009, the U.S. direct investment position in the "Euro area" was
$1,230,716 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2009, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2009 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2010
[Millions of dollars]

                                 All
                              industries       Mining

    All countries              3,908,231        175,532

Canada                           296,691         24,298

Europe (1)                     2,185,898         33,538
  Austria                         16,876              1
  Belgium                         73,526             37
  Czech Republic                   5,909              0
  Denmark                          9,828            -81
  Finland                          1,472              0
  France                          92,820           -139
  Germany                        105,828             92
  Greece                           1,798             -7
  Hungary                          4,863            (D)
  Ireland                        190,478            -12
  Italy                           29,015             36
  Luxembourg                     274,923            (D)
  Netherlands                    521,427          2,299
  Norway                          33,843          6,713
  Poland                          12,684              0
  Portugal                         2,639              1
  Russia                           9,880          1,389
  Spain                           58,053             82
  Sweden                          29,444              0
  Switzerland                    143,627            -78
  Turkey                           5,693              6
  United Kingdom                 508,369          8,520
  Other                           52,904            (D)

Latin America and Other
    Western Hemisphere           724,405         46,039
  South America                  136,401         30,717
    Argentina                     12,111          4,388
    Brazil                        66,021          4,148
    Chile                         26,260         12,924
    Colombia                       6,574          2,608
    Ecuador                        1,250            201
    Peru                           7,907          5,231
    Venezuela                     13,693            723
    Other                          2,585            493

  Central America                104,127          5,888
    Costa Rica                     1,651            (*)
    Honduras                       1,027              0
    Mexico                        90,304          5,746
    Panama                         6,040            163
    Other                          5,104            -21

  Other Western
      Hemisphere                 483,877          9,434
    Barbados                       5,710              8
    Bermuda                      264,442             91
    Dominican Republic             1,344              0
    United Kingdom
      Islands, Caribbean         149,039            (D)
    Other                         63,343            (D)

Africa                            53,522         28,863
  Egypt                           11,746            (D)
  Nigeria                          5,224          3,930
  South Africa                     6,503            (D)
  Other                           30,048            (D)

Middle East                       36,573          6,329
  Israel                           9,694              0
  Saudi Arabia                     8,005            766
  United Arab Emirates             4,271              6
  Other                           14,604          5,558

Asia and Pacific                 611,143         36,465
  Australia                      133,990         21,707
  China                           60,452          3,595
  Hong Kong                       54,035            (*)
  India                           27,066            903
  Indonesia                       15,502          3,964
  Japan                          113,263            (*)
  Korea, Republic of              30,165             -1
  Malaysia                        15,982            (D)
  New Zealand                      6,872             82
  Philippines                      6,579             30
  Singapore                      106,042          1,170
  Taiwan                          20,977            (*)
  Thailand                        12,701            266
  Other                            7,518            (D)

Addenda:
  European Union (27) (2)      1,945,326         13,006
  OPEC (3)                        56,379         15,479

                                            Manufacturing

                                Total           Food        Chemicals

    All countries                585,789         46,441        140,884

Canada                            67,299          5,860         12,220

Europe (1)                       291,703         23,831         86,947
  Austria                          3,770            -28            270
  Belgium                         27,765          1,554         14,377
  Czech Republic                   2,629            688            142
  Denmark                          3,646            108             79
  Finland                            826             25             47
  France                          28,526          5,681          4,767
  Germany                         31,746            862          9,270
  Greece                             963             82             96
  Hungary                          1,716            147            143
  Ireland                         26,370            301         14,285
  Italy                           10,879            337          1,624
  Luxembourg                       6,091              0             30
  Netherlands                     36,683          1,094          7,848
  Norway                           5,802              9            429
  Poland                           3,075            969            831
  Portugal                           562             -3            142
  Russia                           4,361          3,617             42
  Spain                           14,552          1,029          6,081
  Sweden                           3,640             83             51
  Switzerland                     24,465             73         16,029
  Turkey                           1,812              3            733
  United Kingdom                  49,885          6,625          9,162
  Other                            1,941            574            468

Latin America and Other
    Western Hemisphere            78,430          6,356         16,701
  South America                   41,942          2,806         11,541
    Argentina                      3,338             81          1,465
    Brazil                        27,515          1,321          6,993
    Chile                          3,264             42            982
    Colombia                       2,039            228            552
    Ecuador                          215             48             49
    Peru                             609            (D)            143
    Venezuela                      4,586            936          1,273
    Other                            374            (D)             85

  Central America                 31,505          3,421          4,899
    Costa Rica                       798             90            114
    Honduras                         639              5            (D)
    Mexico                        28,936          3,160          4,511
    Panama                           241             39            172
    Other                            891            127            (D)

  Other Western
      Hemisphere                   4,983            129            261
    Barbados                          59             39             11
    Bermuda                        2,096              0            (D)
    Dominican Republic               908             59            (D)
    United Kingdom
      Islands, Caribbean             695             10              2
    Other                          1,225             21            104

Africa                             3,704            244            703
  Egypt                              (D)             45            -72
  Nigeria                            (D)             19             35
  South Africa                     2,701             64            617
  Other                              918            117            123

Middle East                       13,453            289          1,760
  Israel                             (D)            179            -58
  Saudi Arabia                       287              2            177
  United Arab Emirates               983             60            (D)
  Other                              (D)             48            (D)

Asia and Pacific                 131,200          9,862         22,552
  Australia                       15,414          3,803          4,422
  China                           29,477          3,290          6,459
  Hong Kong                        4,478             -3            366
  India                            3,886             66          1,267
  Indonesia                          373            -47             60
  Japan                           22,072            256          3,829
  Korea, Republic of              12,704            (D)          1,220
  Malaysia                         8,596            310            827
  New Zealand                      1,507            (D)            113
  Philippines                      3,590            149            885
  Singapore                       16,161             16            685
  Taiwan                           4,574            102            709
  Thailand                         7,966            309          1,608
  Other                              400            (D)            103

Addenda:
  European Union (27) (2)        254,815         19,817         69,682
  OPEC (3)                        11,864          1,076          3,092

                                            Manufacturing

                               Primary                      Computers
                                 and                           and
                              fabricated                    electronic
                                metals       Machinery       products

    All countries                 22,129         43,881         81,968

Canada                             5,079          2,499          3,165

Europe (1)                        11,940         27,685         28,656
  Austria                            (D)            157            (D)
  Belgium                            356          1,054          1,145
  Czech Republic                     238            (D)            (D)
  Denmark                             20            341          1,569
  Finland                             49            334            125
  France                           3,068          1,842          1,597
  Germany                          2,094          4,059          4,521
  Greece                               0              1              2
  Hungary                             14            (D)            141
  Ireland                             45            523          3,161
  Italy                              967          1,509          1,094
  Luxembourg                           1            (D)             -3
  Netherlands                        638          1,807          3,856
  Norway                             (D)            (D)            (D)
  Poland                             410             34            176
  Portugal                           -11            (D)             63
  Russia                             (*)             -3             46
  Spain                               43            231          1,667
  Sweden                              96            667          1,262
  Switzerland                         36          1,645          1,424
  Turkey                             (*)            (D)             23
  United Kingdom                   2,500          7,335          4,578
  Other                             -175             21             95

Latin America and Other
    Western Hemisphere             2,935          4,275          2,078
  South America                    1,393          2,613            (D)
    Argentina                          1            217             94
    Brazil                         1,174          2,243            (D)
    Chile                             -1             87             67
    Colombia                           9             18              1
    Ecuador                            1              1              3
    Peru                             (D)              4              1
    Venezuela                          5             44            (D)
    Other                            (D)             -3              2

  Central America                    704          1,654            (D)
    Costa Rica                         0              0            218
    Honduras                           0            (*)              4
    Mexico                           710          1,653            (D)
    Panama                             4              0            (*)
    Other                            -11              1            146

  Other Western
      Hemisphere                     838              8            (D)
    Barbados                           9            (*)            (*)
    Bermuda                          (*)              7            (D)
    Dominican Republic               (D)              0            -31
    United Kingdom
      Islands, Caribbean             (D)              1            (D)
    Other                            813              0            (*)

Africa                               338            412            232
  Egypt                                8            141            (D)
  Nigeria                             -5             20            (D)
  South Africa                       296            235            160
  Other                               39             16            102

Middle East                          101            382          4,653
  Israel                             (D)             76          4,680
  Saudi Arabia                       (D)            (D)              4
  United Arab Emirates                57            284            (D)
  Other                              (D)            (D)            (D)

Asia and Pacific                   1,737          8,628         43,185
  Australia                       -1,214          1,061            485
  China                            1,252          1,258          7,963
  Hong Kong                           94            712          2,352
  India                              (D)            878            464
  Indonesia                           12            (D)              8
  Japan                              452          1,867          2,880
  Korea, Republic of                 (D)            107          2,637
  Malaysia                            37            395          6,417
  New Zealand                         48            (D)            107
  Philippines                          2             31          2,155
  Singapore                          217          1,653         11,932
  Taiwan                              99            280          2,967
  Thailand                           272            233          2,823
  Other                              (D)              1             -6

Addenda:
  European Union (27) (2)         10,781         22,041         27,104
  OPEC (3)                           135            387            111

                                            Manufacturing

                              Electrical
                              equipment,
                             appliances,       Trans-         Other
                                 and         portation        manu-
                              components     equipment      facturing

    All countries                 23,635         50,332        176,520

Canada                             2,715          2,016         33,746

Europe (1)                        15,410         22,249         74,985
  Austria                            363            629            308
  Belgium                            432            368          8,479
  Czech Republic                      -5            944            (D)
  Denmark                             75              2          1,450
  Finland                             18            (D)            (D)
  France                             295          1,904          9,372
  Germany                            396          4,617          5,926
  Greece                               0              0            781
  Hungary                              8            395            (D)
  Ireland                            -12             85          7,982
  Italy                              -34          1,004          4,377
  Luxembourg                         (*)            135            (D)
  Netherlands                        (D)            -82            (D)
  Norway                              -6             -5             55
  Poland                              -2            209            449
  Portugal                            14            (D)             90
  Russia                               5             36            618
  Spain                              -12          2,013          3,501
  Sweden                             253            146          1,081
  Switzerland                        (D)            846            (D)
  Turkey                               1            311            (D)
  United Kingdom                     (D)          8,252            (D)
  Other                               60            114            783

Latin America and Other
    Western Hemisphere             1,824         15,540         28,721
  South America                      135            (D)            (D)
    Argentina                       -155            579          1,057
    Brazil                            17            (D)            (D)
    Chile                            (*)             43          2,045
    Colombia                           7            (D)            (D)
    Ecuador                            0            (D)            (D)
    Peru                               0              0            (D)
    Venezuela                        266          1,122            (D)
    Other                              0            (D)             34

  Central America                  1,689            (D)            (D)
    Costa Rica                       144              0            231
    Honduras                           0            (D)            (D)
    Mexico                         1,540            (D)            (D)
    Panama                             0              0             25
    Other                              4             -5            (D)

  Other Western
      Hemisphere                     (*)            (D)            (D)
    Barbados                           0            (*)              0
    Bermuda                            0            (D)            (D)
    Dominican Republic                 0              0            804
    United Kingdom
      Islands, Caribbean             (*)            (D)            (D)
    Other                              0              0            287

Africa                               (*)            750          1,026
  Egypt                                5             38           -119
  Nigeria                              0              0              2
  South Africa                        -5            648            685
  Other                                0             64            457

Middle East                           42             78          6,149
  Israel                              33            (D)            (D)
  Saudi Arabia                         0            (D)             -3
  United Arab Emirates                 9              0            (D)
  Other                                0              0            (D)

Asia and Pacific                   3,644          9,698         31,893
  Australia                          441          1,283          5,133
  China                              576          4,150          4,530
  Hong Kong                          249             13            695
  India                              134            500            (D)
  Indonesia                          (D)           -103            (D)
  Japan                            1,777          1,143          9,869
  Korea, Republic of                  94          1,161            (D)
  Malaysia                            13             51            546
  New Zealand                        (D)             11            584
  Philippines                         14             29            326
  Singapore                          226            543            887
  Taiwan                             -20             73            365
  Thailand                            25            705          1,991
  Other                                0            139            (D)

Addenda:
  European Union (27) (2)         14,255         21,020         70,113
  OPEC (3)                           275          1,218          5,591

                                                            Depository
                              Wholesale        Infor-        institu-
                                trade          motion         tions

    All countries                193,531        161,723        133,602

Canada                            25,710          6,894          5,422

Europe (1)                        82,887        109,937         83,509
  Austria                            935            -42            (D)
  Belgium                          7,756           -426            (D)
  Czech Republic                     237            278          1,905
  Denmark                          1,290            425            (D)
  Finland                            177            138              0
  France                           5,484          3,289          8,804
  Germany                          8,593          4,481            759
  Greece                             634             13            (D)
  Hungary                            633            262          1,620
  Ireland                            917         38,223            (D)
  Italy                            2,998          2,229          1,787
  Luxembourg                        -149          4,985            (D)
  Netherlands                     13,306         12,625            (D)
  Norway                             532          1,673            (D)
  Poland                           2,250            717            (D)
  Portugal                           492            123              0
  Russia                             549             99          1,820
  Spain                            3,439            978          2,170
  Sweden                             890            823            (D)
  Switzerland                     14,821          4,169          5,570
  Turkey                             819            -45          2,455
  United Kingdom                  14,747         34,764         16,243
  Other                            1,537            156          2,377

Latin America and Other
    Western Hemisphere            33,869         11,592         -3,274
  South America                    5,567          6,619          7,895
    Argentina                        700          1,148            (D)
    Brazil                         2,702          4,573            (D)
    Chile                            760            332          1,627
    Colombia                         440            -27            (D)
    Ecuador                           90              2            (D)
    Peru                             458            169            596
    Venezuela                        174            166            (D)
    Other                            244            257             76

  Central America                  3,200          2,069          3,260
    Costa Rica                       -32             19            (D)
    Honduras                          95            (*)            129
    Mexico                         2,529          2,070          1,417
    Panama                           350              4             78
    Other                            258            -15            (D)

  Other Western
      Hemisphere                  25,102          2,904        -14,430
    Barbados                       5,578             -6              0
    Bermuda                        3,387            825            103
    Dominican Republic               (D)            (D)            (D)
    United Kingdom
      Islands, Caribbean             (D)            (D)        -16,479
    Other                            (D)            (D)            (D)

Africa                             1,304            179          2,382
  Egypt                              (D)            (D)            (D)
  Nigeria                            (D)            (D)            (D)
  South Africa                       769            150            (D)
  Other                              (D)             27            853

Middle East                        1,711          1,630            377
  Israel                             489            (D)            (D)
  Saudi Arabia                       187              6              0
  United Arab Emirates             1,019            (D)            (D)
  Other                               16              3            (D)

Asia and Pacific                  48,049         31,490         45,186
  Australia                        6,079         14,702          2,729
  China                            4,018            789         13,413
  Hong Kong                        9,450          1,553          1,687
  India                            3,305          6,233            (D)
  Indonesia                           94             24            (D)
  Japan                            9,788          5,617            (D)
  Korea, Republic of               2,227            300          8,045
  Malaysia                           383            118          1,528
  New Zealand                        377            218            (D)
  Philippines                        318             36            (D)
  Singapore                        7,469          1,646            (D)
  Taiwan                           3,393            233            (D)
  Thailand                           937             21          1,854
  Other                              211              1            477

Addenda:
  European Union (27) (2)         65,341        104,018         70,991
  OPEC (3)                         1,874            426            (D)

                               Finance          Pro-
                               (except       fessional,
                              depository    scientific,
                               institu-         and
                              tions) and     technical
                              insurance       services

    All countries                802,960         84,658

Canada                            53,446          6,652

Europe (1)                       406,502         53,205
  Austria                            427            619
  Belgium                         34,393            659
  Czech Republic                     625             57
  Denmark                            296            (D)
  Finland                             36            154
  France                          20,018          3,489
  Germany                          9,821          6,094
  Greece                             135              9
  Hungary                            115             21
  Ireland                         15,066          8,389
  Italy                            2,596          1,604
  Luxembourg                      51,488            (D)
  Netherlands                     50,533          7,747
  Norway                             403            (D)
  Poland                           1,253            284
  Portugal                           528            179
  Russia                             136            301
  Spain                            6,057            544
  Sweden                          15,904            802
  Switzerland                      7,578          1,516
  Turkey                              96             19
  United Kingdom                 184,935         19,457
  Other                            4,063            (D)

Latin America and Other
    Western Hemisphere           218,603          1,944
  South America                   21,498          2,145
    Argentina                      1,249            100
    Brazil                        13,554          1,231
    Chile                          4,398            321
    Colombia                         551             38
    Ecuador                          (D)              2
    Peru                             200             74
    Venezuela                        899            355
    Other                            (D)             25

  Central America                 15,317           -522
    Costa Rica                       311            150
    Honduras                         170            (*)
    Mexico                        11,804           -667
    Panama                           760            -12
    Other                          2,272              6

  Other Western
      Hemisphere                 181,788            321
    Barbados                       1,445              4
    Bermuda                      105,652            333
    Dominican Republic                 1              1
    United Kingdom
      Islands, Caribbean          58,120            103
    Other                         16,571           -121

Africa                             5,793            751
  Egypt                              (D)            (D)
  Nigeria                            (D)            (D)
  South Africa                       (D)            702
  Other                              (D)             47

Middle East                          694          1,344
  Israel                              55            513
  Saudi Arabia                       -56            336
  United Arab Emirates               234            190
  Other                              460            306

Asia and Pacific                 117,922         20,762
  Australia                       30,891          5,463
  China                            1,898            890
  Hong Kong                        8,885          3,755
  India                            3,124          5,007
  Indonesia                          407             72
  Japan                           46,021          2,568
  Korea, Republic of               5,047            423
  Malaysia                           743            262
  New Zealand                      1,954            349
  Philippines                        -23            438
  Singapore                        9,752            765
  Taiwan                           8,722            489
  Thailand                           511            304
  Other                               -9            -22

Addenda:
  European Union (27) (2)        394,350         50,905
  OPEC (3)                         1,363          1,169

                               Holding
                              companies        Other
                              (nonbank)      industries

    All countries              1,538,617        231,820

Canada                            65,795         41,173

Europe (1)                     1,010,641        113,976
  Austria                          9,092            (D)
  Belgium                            (D)            (D)
  Czech Republic                      37            141
  Denmark                            648            (D)
  Finland                            -91            232
  France                          14,658          8,691
  Germany                         35,176          9,066
  Greece                             (D)             -8
  Hungary                             67            (D)
  Ireland                         81,102            (D)
  Italy                              759          6,128
  Luxembourg                     201,621            (D)
  Netherlands                    381,761            (D)
  Norway                             (D)            (D)
  Poland                             (D)            (D)
  Portugal                          -110            865
  Russia                              25          1,201
  Spain                           26,896          3,335
  Sweden                           4,966            (D)
  Switzerland                     70,528         15,057
  Turkey                             (D)            (D)
  United Kingdom                 137,155         42,664
  Other                           27,408            (D)

Latin America and Other
    Western Hemisphere           304,827         32,375
  South America                   15,305          4,714
    Argentina                         31            (D)
    Brazil                         8,102            (D)
    Chile                            668          1,967
    Colombia                         136            (D)
    Ecuador                          (D)            536
    Peru                             (D)            (D)
    Venezuela                      5,846            (D)
    Other                              3            (D)

  Central America                 31,948         11,460
    Costa Rica                       (D)            483
    Honduras                          -3             -4
    Mexico                        28,931          9,538
    Panama                           (D)            (D)
    Other                             -9            (D)

  Other Western
      Hemisphere                 257,573         16,200
    Barbados                      -3,242          1,864
    Bermuda                      140,995         10,960
    Dominican Republic               (*)             90
    United Kingdom
      Islands, Caribbean          86,465          2,295
    Other                         33,355            991

Africa                             8,694          1,852
  Egypt                              (D)            (D)
  Nigeria                            (D)            (D)
  South Africa                       (D)            498
  Other                            7,745          1,366

Middle East                        9,938          1,097
  Israel                             (D)            (D)
  Saudi Arabia                     6,250            228
  United Arab Emirates               (D)            559
  Other                              (D)            (D)

Asia and Pacific                 138,723         41,347
  Australia                       26,453         10,551
  China                            3,445          2,928
  Hong Kong                       20,932          3,294
  India                              368            (D)
  Indonesia                        8,908            (D)
  Japan                           13,439            (D)
  Korea, Republic of                 119          1,300
  Malaysia                            82            (D)
  New Zealand                        (D)            (D)
  Philippines                        (D)            617
  Singapore                       62,754            (D)
  Taiwan                             122            (D)
  Thailand                           326            516
  Other                              -40            (D)

Addenda:
  European Union (27) (2)        896,084         95,816
  OPEC (3)                        20,464            (D)

(*) nonzero value between -$500,000 and $500,000.

(D) Suppressed to avoid disclosure of data of individual companies.

(1.) In 2010, the "Euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For
2010, the U.S. direct investment position in the "Euro area" was
$1,371,739 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2010, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2010 are preliminary.

Table 2.1. Foreign Direct Investment Position in the
United States on a Historical-Cost Basis, 2009
[Millions of dollars]

                                               Manufacturing
                                   All
                                industries           Total

All countries                     2,114,501          665,178
Canada                              202,303           45,326
Europe (1)                        1,516,268          503,845
    Austria                           4,455            2,126
    Belgium                          37,820           20,026
    Denmark                           6,383            3,019
    Finland                           7,293            4,538
    France                          157,921           53,824
    Germany                         191,461           57,007
    Ireland                          24,217           14,746
    Italy                            14,979            6,467
    Luxembourg                      146,580           54,436
    Netherlands                     199,906           77,782
    Norway                            9,951             -488
    Spain                            38,812            3,929
    Sweden                           35,598           22,453
    Switzerland                     140,745           58,078
    United Kingdom                  416,139           91,049
    Other                            84,008           34,853
Latin America and Other
  Western Hemisphere                 48,300           13,380
  South and Central America          14,699            6,468
    Brazil                           -1,651             -763
    Mexico                           11,492            4,635
    Panama                            1,101              325
    Venezuela                         2,599            1,806
    Other                             1,157              466
  Other Western Hemisphere           33,601            6,911
    Bahamas                             694               20
    Bermuda                           2,175            2,674
    Netherlands Antilles              8,024              (D)
    United Kingdom Islands
      Caribbean                      25,120            3,841
    Other                            -2,411              (D)
Africa                                1,205               83
  South Africa                          605              (D)
  Other                                 599              (D)
Middle East                          16,949            3,913
  Israel                              7,109            3,863
  Kuwait                                358                4
  Lebanon                               (D)              (*)
  Saudi Arabia                          (D)              -47
  United Arab Emirates                2,223               19
  Other                               1,646               74
Asia and Pacific                    329,475           98,632
  Australia                          41,289            4,181
  China                               1,160             -192
  Hong Kong                           4,172            1,959
  India                               2,375              115
  Japan                             239,312           72,433
  Korea, Republic of                 13,503            2,304
  Malaysia                              459                2
  New Zealand                           745              (D)
  Singapore                          20,658              (D)
  Taiwan                              4,516            1,670
  Other                               1,286              -19
Addenda:
  European Union (27) (2)         1,352,012          440,864
  OPEC (3)                           12,770            1,756

                                         Manufacturing

                                      Food            Coals

All countries                        27,706          137,678
Canada                                1,219              (D)
Europe (1)                           21,910          108,444
    Austria                               6               92
    Belgium                             (D)           12,671
    Denmark                             552            2,161
    Finland                             (D)              (D)
    France                            2,262           11,772
    Germany                             204           27,147
    Ireland                           1,383              (D)
    Italy                                29              512
    Luxembourg                          (D)            4,288
    Netherlands                       1,859             -353
    Norway                                0              (D)
    Spain                               (D)              814
    Sweden                                3              (D)
    Switzerland                      10,495          -13,842
    United Kingdom                    1,035           44,538
    Other                               (D)              (D)
Latin America and Other
  Western Hemisphere                  2,269            2,445
  South and Central America             (D)              661
    Brazil                              (D)             -103
    Mexico                              (D)              464
    Panama                                0              (D)
    Venezuela                           (D)              -23
    Other                                 9              (D)
  Other Western Hemisphere              (D)            1,784
    Bahamas                               2              (D)
    Bermuda                               2              (D)
    Netherlands Antilles                  1              (D)
    United Kingdom Islands
      Caribbean                         (D)              (D)
    Other                                -4              (D)
Africa                                  (D)               -8
  South Africa                          (*)               -4
  Other                                 (D)               -4
Middle East                             (D)              (D)
  Israel                                (D)              (D)
  Kuwait                                  0                0
  Lebanon                                 0                0
  Saudi Arabia                            0              (D)
  United Arab Emirates                    0              (D)
  Other                                   0                0
Asia and Pacific                      2,238           15,861
  Australia                             (D)              327
  China                                  -4             -178
  Hong Kong                              -2              (D)
  India                                 (D)               45
  Japan                               1,677           14,086
  Korea, Republic of                    492               64
  Malaysia                               -1               -3
  New Zealand                             9               -2
  Singapore                              -2              -75
  Taiwan                                 -2              (D)
  Other                                   1              -29
Addenda:
  European Union (27) (2)            11,401          121,146
  OPEC (3)                              (D)              -20

                                        Manufacturing

                                   Primary
                                     and
                                  fabricated
                                    metals         Machinery

All countries                        48,771           79,765
Canada                                3,454              948
Europe (1)                           40,823           71,954
    Austria                             513              321
    Belgium                             (D)              747
    Denmark                             (D)            1,429
    Finland                              -1            2,696
    France                            1,640              (D)
    Germany                           2,080            9,004
    Ireland                             (D)              (D)
    Italy                               199              375
    Luxembourg                       13,133              (D)
    Netherlands                         887              (D)
    Norway                            2,146               44
    Spain                               (D)              (*)
    Sweden                             -488            4,631
    Switzerland                       1,119            5,193
    United Kingdom                    7,989            2,268
    Other                             5,492              (D)
Latin America and Other
  Western Hemisphere                    725            1,846
  South and Central America             (D)              (D)
    Brazil                               92              -18
    Mexico                              727              (D)
    Panama                              (D)               -2
    Venezuela                            -3               -5
    Other                                -4              -29
  Other Western Hemisphere              (D)              (D)
    Bahamas                             (D)                0
    Bermuda                             (D)              (D)
    Netherlands Antilles                  0              (*)
    United Kingdom Islands
      Caribbean                         (D)              (D)
    Other                                 8                3
Africa                                  (D)              (D)
  South Africa                          (D)              (D)
  Other                                   1              (*)
Middle East                             (D)              (D)
  Israel                                (D)              (*)
  Kuwait                                  0                0
  Lebanon                                 0                0
  Saudi Arabia                           -3               -2
  United Arab Emirates                  (*)                5
  Other                                   0              (D)
Asia and Pacific                      3,768            4,959
  Australia                             -83              160
  China                                   2              -20
  Hong Kong                              -3               -2
  India                                  16               -1
  Japan                               3,256            4,073
  Korea, Republic of                    623              (D)
  Malaysia                              (D)                9
  New Zealand                           (D)              (*)
  Singapore                               8              (D)
  Taiwan                                  3              (D)
  Other                                 -59              (D)
Addenda:
  European Union (27) (2)            33,577           66,728
  OPEC (3)                              (D)               -2

                                        Manufacturing

                                                   Electrical
                                  Computers        equipment,
                                     and          appliances,
                                  electronic          and
                                   products        components

All countries                        55,999           17,811
Canada                                  371              (D)
Europe (1)                           32,331           16,561
    Austria                             (D)              (D)
    Belgium                              13               79
    Denmark                             (D)              (*)
    Finland                             (D)              (*)
    France                            4,744              (D)
    Germany                             720              721
    Ireland                             (D)              (D)
    Italy                               (D)              (D)
    Luxembourg                          (D)              (D)
    Netherlands                      17,479              (D)
    Norway                              (D)              (D)
    Spain                                -8              (D)
    Sweden                              -16              (D)
    Switzerland                         262               75
    United Kingdom                    2,344              174
    Other                               (D)              (D)
Latin America and Other
  Western Hemisphere                  1,258                0
  South and Central America             -80              -29
    Brazil                              -54               -5
    Mexico                              (D)              (D)
    Panama                              (*)              (*)
    Venezuela                           (D)              (D)
    Other                                -7                0
  Other Western Hemisphere            1,338              (D)
    Bahamas                             (*)                0
    Bermuda                             (D)                0
    Netherlands Antilles                  1                0
    United Kingdom Islands
      Caribbean                         (D)              (D)
    Other                               (D)                0
Africa                                    1                0
  South Africa                          (*)                0
  Other                                   1                0
Middle East                             333                1
  Israel                                317                0
  Kuwait                                (*)                1
  Lebanon                               (*)                0
  Saudi Arabia                           -2                0
  United Arab Emirates                  (D)                0
  Other                                 (D)                0
Asia and Pacific                     21,704            1,501
  Australia                             -23              (D)
  China                                  37               37
  Hong Kong                             (D)              (*)
  India                                 -49               -3
  Japan                               5,004            1,308
  Korea, Republic of                     28                0
  Malaysia                               14               -4
  New Zealand                            -4                0
  Singapore                             (D)              (D)
  Taiwan                                222              (D)
  Other                                   9              (D)
Addenda:
  European Union (27) (2)            31,822           16,456
  OPEC (3)                               12              (D)

                                         Manufacturing

                              Transportation       Other
                                equipment      manufacturing

All countries                        87,030          210,420
Canada                               15,381           16,608
Europe (1)                           35,602          176,221
    Austria                             (D)            1,096
    Belgium                             (D)            1,648
    Denmark                             (*)              (D)
    Finland                               2            1,531
    France                            4,153           17,527
    Germany                          10,247            6,883
    Ireland                               0              (D)
    Italy                               (D)            1,138
    Luxembourg                          702           17,552
    Netherlands                         (D)           35,936
    Norway                              (D)              (D)
    Spain                               139              772
    Sweden                            3,610              827
    Switzerland                         792           53,984
    United Kingdom                   16,033           16,668
    Other                               135              (D)
Latin America and Other
  Western Hemisphere                    (D)            4,128
  South and Central America             (D)            2,984
    Brazil                               16              (D)
    Mexico                             -209              833
    Panama                              (D)              -15
    Venezuela                           (D)              (D)
    Other                                -5              (D)
  Other Western Hemisphere              832            1,143
    Bahamas                               1               -1
    Bermuda                               0              -36
    Netherlands Antilles                  1              (D)
    United Kingdom Islands
      Caribbean                         831              839
    Other                                 0              (D)
Africa                                  (D)              (D)
  South Africa                          (D)              -99
  Other                                   0              (D)
Middle East                             (D)              (D)
  Israel                                (D)               14
  Kuwait                                  3                0
  Lebanon                                 0                0
  Saudi Arabia                            0              (D)
  United Arab Emirates                  (D)              (D)
  Other                                   0              (D)
Asia and Pacific                     35,171           13,429
  Australia                             -10            3,793
  China                                 -15              -51
  Hong Kong                             (*)               29
  India                                 (D)               17
  Japan                              34,358            8,672
  Korea, Republic of                    (D)               96
  Malaysia                                1              (D)
  New Zealand                            -1              (D)
  Singapore                             435              -57
  Taiwan                                 24              (D)
  Other                                  55               -4
Addenda:
  European Union (27) (2)            34,769          124,966
  OPEC (3)                              (D)              (D)

                                  Wholesale          Retail
                                    trade            trade

All countries                       307,106           38,774
Canada                                4,678            3,330
Europe (1)                          175,075           29,390
    Austria                             434              (D)
    Belgium                           7,075              (D)
    Denmark                           1,933                2
    Finland                           2,241              (D)
    France                           19,450              916
    Germany                          12,869            3,017
    Ireland                             147              (D)
    Italy                             1,281            2,088
    Luxembourg                        5,038              563
    Netherlands                      15,771              (D)
    Norway                            5,104              (*)
    Spain                                78              (D)
    Sweden                           10,265              (D)
    Switzerland                      10,142            3,483
    United Kingdom                   81,719              (D)
    Other                             1,528              (D)
Latin America and Other
  Western Hemisphere                  8,508            1,750
  South and Central America            -723               -6
    Brazil                              (D)              (D)
    Mexico                              796              -10
    Panama                              -53              (D)
    Venezuela                             9               -2
    Other                               (D)              (*)
  Other Western Hemisphere            9,231            1,756
    Bahamas                             (D)               -1
    Bermuda                             (D)               -1
    Netherlands Antilles                (D)              (D)
    United Kingdom Islands
      Caribbean                       3,275              (D)
    Other                               241               -1
Africa                                  456              (D)
  South Africa                          490              (D)
  Other                                 -34                0
Middle East                           6,151              (D)
  Israel                                485              (D)
  Kuwait                                (D)                0
  Lebanon                               (*)                0
  Saudi Arabia                          (D)              (D)
  United Arab Emirates                 -158              (*)
  Other                                 (D)                2
Asia and Pacific                    112,238            4,249
  Australia                             339              (D)
  China                                 756              -13
  Hong Kong                           1,411                1
  India                                 -38                2
  Japan                              95,897            4,101
  Korea, Republic of                 10,748                1
  Malaysia                              (D)                1
  New Zealand                           (D)                0
  Singapore                             118              (D)
  Taiwan                              1,654               57

  Other                                 854              (")
Addenda:
  European Union (27) (2)           158,949           25,906
  OPEC (3)                              (D)              (D)

                                                  Depository
                                Information      institutions

All countries                       143,518          104,933
Canada                                  938           25,131
Europe (1)                          128,650           58,897
    Austria                             (*)              (D)
    Belgium                             (*)              (D)
    Denmark                               5                0
    Finland                             (*)              (D)
    France                           19,303            5,588
    Germany                          45,090            9,653
    Ireland                          -1,267              (D)
    Italy                               174              (D)
    Luxembourg                       10,618                0
    Netherlands                      11,159              (D)
    Norway                              327              (D)
    Spain                                54           24,466
    Sweden                              448               54
    Switzerland                      12,502              (D)
    United Kingdom                   26,181              (D)
    Other                             4,058              318
Latin America and Other
  Western Hemisphere                  4,159            4,376
  South and Central America             139            3,599
    Brazil                              -17              (D)
    Mexico                              (D)              (D)
    Panama                              (D)              (D)
    Venezuela                            -8              780
    Other                               (D)              824
  Other Western Hemisphere            4,020              777
    Bahamas                             (D)              (D)
    Bermuda                           3,076                0
    Netherlands Antilles                  9              (D)
    United Kingdom Islands
      Caribbean                       1,008              111
    Other                               (D)              (D)
Africa                                   -4              (D)
  South Africa                            4                0
  Other                                  -8              (D)
Middle East                             770              (D)
  Israel                                823              425
  Kuwait                                (*)              (D)
  Lebanon                                 0                0
  Saudi Arabia                            2              (D)
  United Arab Emirates                  (D)              (D)
  Other                                 (D)              (D)
Asia and Pacific                      9,005           16,536
  Australia                             (D)            1,814
  China                                  53              (D)
  Hong Kong                              -6              468
  India                                  10              384
  Japan                               8,735           12,141
  Korea, Republic of                      8              122
  Malaysia                              (D)              (D)
  New Zealand                           (D)                0
  Singapore                              46              346
  Taiwan                                 49              892
  Other                                   7              (D)
Addenda:
  European Union (27) (2)           114,956           67,927
  OPEC (3)                                3              961

                                   Finance            Real
                                   (except           estate
                                  depository          and
                                institutions)        rental
                                     and              and
                                  insurance         leasing

All countries                       296,184           49,944
Canada                               58,541            3,897
Europe (1)                          238,071           23,675
    Austria                              -1               83
    Belgium                             682              (*)
    Denmark                               1               16
    Finland                              -1              (*)
    France                           15,227              554
    Germany                          44,959            8,308
    Ireland                           7,866              (D)
    Italy                               (D)              118
    Luxembourg                       21,337            3,957
    Netherlands                      43,335            2,852
    Norway                               89              116
    Spain                             2,623              267
    Sweden                              143              (D)
    Switzerland                      32,287              (D)
    United Kingdom                   65,842            5,313
    Other                               (D)              (D)
Latin America and Other
  Western Hemisphere                -26,669            8,637
  South and Central America             478              742
    Brazil                              (D)               33
    Mexico                              (D)              102
    Panama                                7              517
    Venezuela                             4               12
    Other                                 6               79
  Other Western Hemisphere          -27,147            7,895
    Bahamas                              -5                6
    Bermuda                         -23,233              158
    Netherlands Antilles                (D)              (D)
    United Kingdom Islands
      Caribbean                         (D)            4,905
    Other                               (D)              (D)
Africa                                   -6              149
  South Africa                           -6              (*)
  Other                                   0              148
Middle East                             149              419
  Israel                                (D)              (D)
  Kuwait                                (D)                7
  Lebanon                                 0              (D)
  Saudi Arabia                            0               15
  United Arab Emirates                    0              (D)
  Other                                 (D)               78
Asia and Pacific                     26,098           13,168
  Australia                           3,748            5,605
  China                                 (D)                4
  Hong Kong                             (D)              (D)
  India                                 (*)              (*)
  Japan                              21,059            5,177
  Korea, Republic of                    (D)              (D)
  Malaysia                               -1               78
  New Zealand                             3                4
  Singapore                             (D)              (D)
  Taiwan                                -56              (D)
  Other                                 (D)               29
Addenda:
  European Union (27) (2)           205,684           22,680
  OPEC (3)                              (D)              (D)

                              Professional,
                               scientific,
                                   and
                                technical          Other
                                 services        Industries

All countries                        41,556          467,309
Canada                                1,981           58,482
Europe (1)                           15,590          343,074
    Austria                             (D)               48
    Belgium                             183            2,557
    Denmark                             145            1,263
    Finland                             (D)              (D)
    France                            2,553           40,506
    Germany                             176           10,381
    Ireland                              27              355
    Italy                               (D)              (D)
    Luxembourg                          102           50,529
    Netherlands                       4,232           37,011
    Norway                              (D)            4,069
    Spain                               (D)            7,268
    Sweden                               28              (D)
    Switzerland                         (D)           33,032
    United Kingdom                    7,915          113,079
    Other                               -15           37,639
Latin America and Other
  Western Hemisphere                 14,535           19,624
  South and Central America               4            3,997
    Brazil                              -29              -44
    Mexico                               45              (D)
    Panama                                3              284
    Venezuela                            -7                5
    Other                                -8              (D)
  Other Western Hemisphere           14,531           15,627
    Bahamas                               4              (D)
    Bermuda                             (D)            4,898
    Netherlands Antilles                (D)              236
    United Kingdom Islands
      Caribbean                         793           10,280
    Other                               (D)              (D)
Africa                                  (D)              607
  South Africa                           -3              (D)
  Other                                 (D)              (D)
Middle East                             (D)            5,217
  Israel                                (D)              846
  Kuwait                                  0              (D)
  Lebanon                               (*)              (D)
  Saudi Arabia                          (*)              -15
  United Arab Emirates                    2            2,332
  Other                                 (*)              (D)
Asia and Pacific                      9,244           40,305
  Australia                             485           24,995
  China                                  11              206
  Hong Kong                               5              127
  India                               1,360              542
  Japan                               7,045           12,723
  Korea, Republic of                     -6               46
  Malaysia                                4              314
  New Zealand                            -2               53
  Singapore                             (D)              860
  Taiwan                                (D)              257
  Other                                   2              182
Addenda:
  European Union (27) (2)            14,811          300,235
  OPEC (3)                              -16            4,367

* A nonzero value between -$500,000 and $500,000.

D Suppressed to avoid disclosure of data of individual companies.

(1.) In 2009, the "Euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
For 2009, the "Euro area" direct investment position in the United
States was $823,983 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, Spain, Sweden, and the United Kingdom.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2009, Its members were Algeria, Angola, Ecuador, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.

NOTE. Estimates for 2009 are revised.

Table 2.2. Foreign Direct Investment Position in the
United States on a Historical-Cost Basis, 2010
[Millions of dollars]

                                                Manufacturing
                                    All
                                 industries         Total

All countries                     2,342,829          748,279
Canada                              206,139           35,728
Europe (1)                        1,697,196          585,004
  Austria                             4,353            2,234
  Belgium                            43,236           20,662
  Denmark                             9,285            3,027
  Finland                             6,558            4,241
  France                            184,762           71,286
  Germany                           212,915           69,222
  Ireland                            30,583           18,382
  Italy                              15,689            6,844
  Luxembourg                        181,203           65,996
  Netherlands                       217,050           78,003
  Norway                             10,356              445
  Spain                              40,723            4,592
  Sweden                             40,758           25,386
  Switzerland                       192,231           85,074
  United Kingdom                    432,488           93,705
  Other                              75,006           35,906
Latin America and Other
  Western Hemisphere                 60,074           15,454
  South and Central America          19,206            7,357
    Brazil                            1,093           -1,003
    Mexico                           12,591            4,937
    Panama                            1,485              632
    Venezuela                         2,857              (D)
    Other                             1,180              (D)
  Other Western Hemisphere           40,869            8,097
    Bahamas                             128               21
    Bermuda                           5,142            3,131
    Netherlands Antilles              3,680              (D)
    United Kingdom Islands,
      Caribbean                      31,150            4,424
    Other                               768              (D)
Africa                                2,010              135
  South Africa                          687              (D)
  Other                               1,323              (D)
Middle East                          15,407            3,536
  Israel                              7,231            3,582
  Kuwait                                347                4
  Lebanon                               (D)                0
  Saudi Arabia                          (D)              -55
  United Arab Emirates                  591              -47
  Other                               1,796               52
Asia and Pacific                    362,003          108,421
  Australia                          49,543            5,263
  China                               3,150             -296
  Hang Kong                           4,272              (D)
  India                               3,344              381
  Japan                             257,273           80,739
  Korea, Republic of                 15,213            2,460
  Malaysia                              362              -73
  New Zealand                           556              (D)
  Singapore                          21,831              (D)
  Taiwan                              5,180            1,935
  Other                               1,279               12
Addenda:
  European Union (27) (2)         1,484,806          495,035
  OPEC (3)                           11,437            2,041

                                          Manufacturing

                                      Food         Chemicals

All countries                        41,366          175,394
Canada                                1,410            9,316
Europe (1)                           35,113          140,303
  Austria                                 6               93
  Belgium                               (D)           12,890
  Denmark                               668            2,282
  Finland                               (D)              (D)
  France                              2,256           26,369
  Germany                               209           32,030
  Ireland                             1,545            4,637
  Italy                                 (D)              713
  Luxembourg                            (D)           -1,149
  Netherlands                         2,330            2,550
  Norway                                  0               34
  Spain                                 (D)              723
  Sweden                                (*)              (D)
  Switzerland                        15,880           -6,651
  United Kingdom                        (D)           50,164
  Other                                 (D)            1,657
Latin America and Other
  Western Hemisphere                  2,405              (D)
  South and Central America             (D)              (D)
    Brazil                              (D)              -83
    Mexico                              (D)              399
    Panama                                0              (D)
    Venezuela                             5               21
    Other                                19              (D)
  Other Western Hemisphere               0)            2,400
    Bahamas                               2              (D)
    Bermuda                               2              (D)
    Netherlands Antilles                  1              (D)
    United Kingdom Islands,
      Caribbean                         (D)              (D)
    Other                                -4              (D)
Africa                                   -2              -12
  South Africa                           -2               -8
  Other                                   0               -3
Middle East                              87              (D)
  Israel                                 87              (D)
  Kuwait                                  0                0
  Lebanon                                 0                0
  Saudi Arabia                            0              (D)
  United Arab Emirates                    0              (D)
  Other                                   0                1
Asia and Pacific                      2,353           19,704
  Australia                             (D)               92
  China                                  -2              (D)
  Hang Kong                              -1              (D)
  India                                 (D)              119
  Japan                               1,754           18,040
  Korea, Republic of                    526               84
  Malaysia                              (*)               -1
  New Zealand                             9               -5
  Singapore                               4             -121
  Taiwan                                 -1              (D)
  Other                                  -2              -24
Addenda:
  European Union (27) (2)            19,201          146,125
  OPEC (3)                               -5              -17

                                        Manufacturing

                                   Primary
                                     and
                                  fabricated
                                    metals         Machinery

All countries                        51,262           79,388
Canada                                2,368              604
Europe (1)                           41,886           71,506
  Austria                               541              354
  Belgium                             4,583              919
  Denmark                               -88            1,595
  Finland                                -6            2,668
  France                              1,368              (D)
  Germany                             2,221            9,494
  Ireland                               (D)              (D)
  Italy                                 247              372
  Luxembourg                         13,604              (D)
  Netherlands                           777           19,799
  Norway                                (D)               50
  Spain                                 (D)               27
  Sweden                              1,319            4,960
  Switzerland                           816            6,398
  United Kingdom                      7,767              (D)
  Other                               4,911              560
Latin America and Other
  Western Hemisphere                  1,500            1,796
  South and Central America           1,107              (D)
    Brazil                              (D)              -60
    Mexico                              496              (D)
    Panama                              (D)               -2
    Venezuela                            -4              (*)
    Other                               -16              -57
  Other Western Hemisphere              392              (D)
    Bahamas                             (D)                0
    Bermuda                             (D)              (D)
    Netherlands Antilles                  0              (*)
    United Kingdom Islands,
      Caribbean                         (D)              114
    Other                               (D)                4
Africa                                  (D)               -6
  South Africa                            0               -6
  Other                                 (D)              (*)
Middle East                             (D)               19
  Israel                                (D)              (*)
  Kuwait                                  0                0
  Lebanon                                 0                0
  Saudi Arabia                          (D)              (D)
  United Arab Emirates                  (*)                1
  Other                                   0              (D)
Asia and Pacific                      5,474            5,470
  Australia                           1,340              182
  China                                 (*)               -6
  Hang Kong                              -7                3
  India                                  17                9
  Japan                               3,622            4,555
  Korea, Republic of                    609              (D)
  Malaysia                              (D)              (D)
  New Zealand                           (D)               -1
  Singapore                               6              -11
  Taiwan                                 -1              (D)
  Other                                 (D)              (D)
Addenda:
  European Union (27) (2)            35,513           65,056
  OPEC (3)                              -13              -11

                                      Manufacturing

                                                  Electrical
                                 Computers        equipment,
                                    and           appliances
                                 electronic          and
                                  products        components

All countries                        56,760           19,196
Canada                                  785             -165
Europe (1)                           31,660           17,803
  Austria                               (D)              (D)
  Belgium                                24               71
  Denmark                               (D)               -1
  Finland                                42                1
  France                              5,066              (D)
  Germany                             1,294              853
  Ireland                               (D)              (D)
  Italy                                 (D)              (D)
  Luxembourg                            984              (D)
  Netherlands                        15,571              (D)
  Norway                                (D)              (D)
  Spain                                  -5              (D)
  Sweden                                 10              (D)
  Switzerland                           267               74
  United Kingdom                      2,418              (D)
  Other                                 (D)              (D)
Latin America and Other
  Western Hemisphere                  1,184              (D)
  South and Central America             -58               -6
    Brazil                              -54               -4
    Mexico                              (D)                6
    Panama                              (*)              (*)
    Venezuela                           (D)                3
    Other                               -14              -10
  Other Western Hemisphere            1,243              (D)
    Bahamas                             (*)                0
    Bermuda                              64                0
    Netherlands Antilles                  1                0
    United Kingdom Islands,
      Caribbean                       1,174              (D)
    Other                                 4                0
Africa                                  (*)              (D)
  South Africa                          (*)              (D)
  Other                                   0               -1
Middle East                             342               -3
  Israel                                323               -1
  Kuwait                                (*)                1
  Lebanon                                 0                0
  Saudi Arabia                            8               -3
  United Arab Emirates                  (D)                1
  Other                                 (D)                0
Asia and Pacific                     22,789            1,584
  Australia                             -24              (D)
  China                                  40              (D)
  Hang Kong                             (D)              (*)
  India                                 -37              (D)
  Japan                               6,015            1,252
  Korea, Republic of                     25               -1
  Malaysia                              -12               -5
  New Zealand                            -7                0
  Singapore                             (D)              (D)
  Taiwan                                259              (D)
  Other                                  24                7
Addenda:
  European Union (27) (2)            31,135           17,694
  OPEC (3)                               21                1

                                       Manufacturing

                                Transportation       Other
                                  equipment      manufacturing

All countries                        93,648          231,264
Canada                               12,470            8,941
Europe (1)                           43,804          202,930
  Austria                               158            1,064
  Belgium                               (D)            1,533
  Denmark                               (*)              (D)
  Finland                                 2            1,303
  France                              4,054           20,093
  Germany                            16,923            6,198
  Ireland                                 0              (D)
  Italy                                -445            1,237
  Luxembourg                            685           33,499
  Netherlands                           (D)           34,965
  Norway                                (D)              (D)
  Spain                                 123              858
  Sweden                              2,965            1,550
  Switzerland                           740           67,550
  United Kingdom                     16,121           10,365
  Other                                  38              (D)
Latin America and Other
  Western Hemisphere                    (D)            4,892
  South and Central America             (D)            3,584
    Brazil                               19               30
    Mexico                              115              800
    Panama                              (D)              -29
    Venezuela                           (D)              (D)
    Other                               -35              (D)
  Other Western Hemisphere              671            1,308
    Bahamas                               1              (*)
    Bermuda                               0              (D)
    Netherlands Antilles                  1              (D)
    United Kingdom Islands,
      Caribbean                         670              858
    Other                                 0               59
Africa                                  (D)              (D)
  South Africa                          -21              (D)
  Other                                 (D)              (D)
Middle East                             (D)              (D)
  Israel                                (D)               -2
  Kuwait                                  3                0
  Lebanon                                 0                0
  Saudi Arabia                            0              (D)
  United Arab Emirates                   -1              (D)
  Other                                   0               -1
Asia and Pacific                     36,635           14,413
  Australia                             -43            3,684
  China                                 -88              -66
  Hang Kong                               1               69
  India                                 (D)               79
  Japan                              35,767            9,734
  Korea, Republic of                    (D)              134
  Malaysia                                3               -5
  New Zealand                            -3              (*)
  Singapore                             473              (D)
  Taiwan                                 25              (D)
  Other                                  72               13
Addenda:
  European Union (27) (2)            43,091          137,220
  OPEC (3)                              (D)              (D)

                                  Wholesale          Retail
                                    trade            trade

All countries                       330,889           39,963
Canada                                5,491            3,902
Europe (1)                          189,346           29,218
  Austria                               418              (D)
  Belgium                             7,151              (D)
  Denmark                               (D)                1
  Finland                             1,775              (D)
  France                             18,827              868
  Germany                            16,601            3,266
  Ireland                               (D)              -16
  Italy                               1,254            1,998
  Luxembourg                          4,586              (D)
  Netherlands                        24,638            1,801
  Norway                              4,855              (*)
  Spain                                  55              (D)
  Sweden                             10,602               36
  Switzerland                        11,799              (D)
  United Kingdom                     82,168              (D)
  Other                                 (D)              (D)
Latin America and Other
  Western Hemisphere                  6,649            1,900
  South and Central America           2,119               -3
    Brazil                            1,169               -3
    Mexico                              832               -8
    Panama                              -39                9
    Venezuela                            -3               -3
    Other                               161                3
  Other Western Hemisphere            4,529            1,903
    Bahamas                             (D)              (*)
    Bermuda                             (D)               -1
    Netherlands Antilles                291              (D)
    United Kingdom Islands,
      Caribbean                       3,335              (D)
    Other                               462               -1
Africa                                  530              (D)
  South Africa                          520              (D)
  Other                                  10                0
Middle East                           6,013              (D)
  Israel                                485              (D)
  Kuwait                                (D)                0
  Lebanon                               (*)                0
  Saudi Arabia                          (D)              (D)
  United Arab Emirates                 -121              (*)
  Other                                  59                2
Asia and Pacific                    122,860              (D)
  Australia                              75              (D)
  China                                 970              -13
  Hang Kong                           1,538                1
  India                                  20                2
  Japan                             104,009            4,315
  Korea, Republic of                 12,300                1
  Malaysia                               55                0
  New Zealand                           481                0
  Singapore                             975              (D)
  Taiwan                              1,674               61
  Other                                 765              (*)
Addenda:
  European Union (27) (2)           171,802           24,368
  OPEC (3)                              (D)              (D)

                                                 Depository
                               Information      institutions

All countries                       156,518          111,268
Canada                                  904           24,719
Europe (1)                          144,725           62,708
  Austria                               (D)              (D)
  Belgium                               (D)              (D)
  Denmark                                14                0
  Finland                                -2              (D)
  France                             19,254            7,297
  Germany                            49,346           10,377
  Ireland                               (D)              426
  Italy                                 217              (D)
  Luxembourg                         13,926                0
  Netherlands                         8,338              (D)
  Norway                                323              (D)
  Spain                                  87           25,977
  Sweden                                (D)              145
  Switzerland                        11,442              (D)
  United Kingdom                     31,619              (D)
  Other                               3,846              369
Latin America and Other
  Western Hemisphere                    958            4,593
  South and Central America              96            3,770
    Brazil                              -31              641
    Mexico                              (D)            1,461
    Panama                              (D)              (D)
    Venezuela                            -3              (D)
    Other                               -12              890
  Other Western Hemisphere              862              823
    Bahamas                             (D)              (D)
    Bermuda                              70                0
    Netherlands Antilles                  9              (D)
    United Kingdom Islands,
      Caribbean                         991              123
    Other                               (D)              (D)
Africa                                   -6              (D)
  South Africa                            3                0
  Other                                  -9              (D)
Middle East                             770              (D)
  Israel                                825              (D)
  Kuwait                                (*)              (D)
  Lebanon                                 0                0
  Saudi Arabia                            2              (D)
  United Arab Emirates                  (D)              (D)
  Other                                 (D)              (D)
Asia and Pacific                      9,166           19,153
  Australia                             (D)            2,340
  China                                  91              (D)
  Hang Kong                             -40              501
  India                                 (D)              647
  Japan                               9,015           13,451
  Korea, Republic of                      5               83
  Malaysia                              (*)              (D)
  New Zealand                             1                0
  Singapore                            (31)              338
  Taiwan                                 47            1,326
  Other                                  -1              231
Addenda:
  European Union (27) (2)           132,047           72,951
  OPEC (3)                                8              903

                                 Finance            Real
                                 (except           estate
                                depository          and
                              institutions)        rental
                                   and              and
                                insurance         leasing

All countries                       356,781           49,108
Canada                               65,214            4,128
Europe (1)                          284,260           22,501
  Austria                                 2               84
  Belgium                               (D)              (D)
  Denmark                                 1               15
  Finland                                 0              (*)
  France                             22,469              485
  Germany                            41,631            8,512
  Ireland                             5,429              239
  Italy                                 (D)              124
  Luxembourg                         42,315            4,088
  Netherlands                        47,849            2,799
  Norway                                 91              116
  Spain                               2,437              292
  Sweden                                142
  Switzerland                        45,348              692
  United Kingdom                     73,662            3,461
  Other                                  29              454
Latin America and Other
  Western Hemisphere                -17,868            8,820
  South and Central America             548              928
    Brazil                              (D)              (D)
    Mexico                              (D)              278
    Panama                                7              487
    Venezuela                             2               12
    Other                                15              (D)
  Other Western Hemisphere          -18,416            7,892
    Bahamas                               4              (D)
    Bermuda                         -19,757               65
    Netherlands Antilles                 32            2,524
    United Kingdom Islands,
      Caribbean                       1,283            5,048
    Other                                30              (D)
Africa                                   -7              149
  South Africa                           -8              (*)
  Other                                   1              149
Middle East                             (D)              451
  Israel                                (D)              399
  Kuwait                                (D)                7
  Lebanon                                 0               -7
  Saudi Arabia                            0               15
  United Arab Emirates                   -1              -41
  Other                                 (D)               78
Asia and Pacific                        (D)           13,059
  Australia                           4,348            5,114
  China                                 (D)                4
  Hang Kong                              12              (D)
  India                                 (*)              (*)
  Japan                              19,313            5,600
  Korea, Republic of                    161              105
  Malaysia                                0               78
  New Zealand                             3                4
  Singapore                             (D)              (D)
  Taiwan                               -114               25
  Other                                  36               29
Addenda:
  European Union (27) (2)           238,813           21,392
  OPEC (3)                              (D)               41

                                Professional,
                                  scientific
                                     and
                                  technical          Other
                                   services        industries

All countries                        79,258          470,767
Canada                                2,855           63,198
Europe (1)                           51,608          327,825
  Austria                                 5               59
  Belgium                               (D)            5,382
  Denmark                               141              (D)
  Finland                               (D)              160
  France                              4,565           39,710
  Germany                               270           13,690
  Ireland                                16              969
  Italy                                 (D)              (D)
  Luxembourg                            (D)           43,627
  Netherlands                           (D)           16,425
  Norway                                (D)            3,668
  Spain                                 (D)            7,164
  Sweden                                 30              976
  Switzerland                           302           43,353
  United Kingdom                      6,976          114,879
  Other                                 (D)           29,928
Latin America and Other
  Western Hemisphere                 14,591           24,979
  South and Central America             -35            4,426
    Brazil                              -54               28
    Mexico                               38              (D)
    Panama                                3              321
    Venezuela                            -9                4
    Other                               -12              (D)
  Other Western Hemisphere           14,626           20,553
    Bahamas                               4             -293
    Bermuda                             (D)            6,977
    Netherlands Antilles                (D)              529
    United Kingdom Islands,
      Caribbean                         (D)           13,365
    Other                               -74              -25
Africa                                  (D)            1,312
  South Africa                          (D)              (D)
  Other                                 (D)              (D)
Middle East                             (D)            3,824
  Israel                                (D)              875
  Kuwait                                  0              (D)
  Lebanon                               (*)              (D)
  Saudi Arabia                           -2              -16
  United Arab Emirates                    2              735
  Other                                 (*)              (D)
Asia and Pacific                      9,975           49,629
  Australia                             (D)           31,682
  China                                   9              (D)
  Hang Kong                              -2              145
  India                               1,632              (D)
  Japan                               7,537           13,295
  Korea, Republic of                      2               97
  Malaysia                              (D)              320
  New Zealand                            -2               56
  Singapore                             (D)              847
  Taiwan                                -32              258
  Other                                   1              205
Addenda:
  European Union (27) (2)            50,423          277,974
  OPEC (3)                              -21            2,929

* A nonzero value between-$500,000 and $500,000.

D Suppressed to avoid disclosure of data of individual companies.

(1.) In 2010, the *Euro area' includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.
For 2010, the *Euro area* direct investment position in the United
States was $940,608 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungry, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, pain, Sweden, and the United Kingdom.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2010, Its members were Algeria, Angola, Ecuador, Iran, Iraq,
Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.

NOTE. Estimates for 2010 are preliminary.

Chart 2. Outward Direct Investment Position by
Country of Foreign Affiliate at Yearend 2010

Other                             (21.6%)
Belgium                            (1.9%)
Mexico                             (2.3%)
France                             (2.4%)
Germany                            (2.7%)
Singapore                          (2.7%)
Japan                              (2.9%)
Australia                          (3.4%)
Switzerland                        (3.7%)
United Kingdom Island: Caribbean   (3.8%)
Ireland                            (4.9%)
Bermuda                            (6.8%)
Netherlands                       (13.3%)
United Kingdom                    (13.0%)
Canada                             (7.6%)
Luxembourg                         (7.0%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Chart 4. Inward Direct Investment Position by
Country of Each Member of the Foreign Parent
Group at Yearend 2010

Other            (19.6%)
Luxembourg        (7.7%)
France            (7.9%)
Switzerland       (8.2%)
Canada            (8.8%)
United Kingdom   (18.6%)
Japan            (11.0%)
Netherlands       (9.3%)
Germany           (9.1%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.